Tesla delivered a record 1.3 million vehicles in 2022, but it still disappointed Wall Street

Tesla delivered a record number of cars last year, as sales continued to grow by percentages any other major automaker would dream about. But Tesla still managed to disappoint Wall Street throughout 2022 – and the last quarter was no different.

The electric automaker delivered 1.3 million vehicles in 2022, up 40% from 2021. It produced nearly 1.4 million vehicles, up 47% from the prior year.

Yet the fourth quarter underwhelmed: Tesla delivered only 405,278 vehicles, well below the median estimate of 431,000 according to analysts polled by Refinitiv, as recession fears and higher interest rates led to a slowdown in demand.

Tesla’s

(TSLA) stock plunged 65% in 2022 as demand weakened. Competition in electric vehicles from established automakers surged last year. The company missed its growth targets throughout the year and it scaled back production in China.

The company said it was proud of its growth and progress.

“We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter,” the company said in a statement Monday.