Saudi Press

Saudi Arabia and the world
Saturday, Feb 24, 2024

Record output for Tesla but deliveries still below estimates

Record output for Tesla but deliveries still below estimates

The electric carmaker delivered 55,760 fewer vehicles than it produced in 2022.
Tesla has continued to increase electric car production but supply chain problems have meant it is delivering fewer cars than it produces - while also falling below its delivery estimates.

Last year was a record year for Tesla production as 1,369,611 cars were made, an increase of 47% on 2021 output.

Nearly half a million (439,701) of them were made in the final three months of the year.

But, despite having set a record for output, there continued to be issues with getting cars to customers.

The electric carmaker delivered 55,760 fewer vehicles than it produced.

Delivery figures were also less than expected in the final quarter of the year. Wall Street analysts had estimated 431,117 Teslas would be delivered but only 405,278 were across the three months from October to December.

The lack of deliveries can be chalked up to logistics problems and slowing demand, fuelled by rising interest rates and recession fears.

Tesla pointed to 1COVID1-19 and general supply chain challenges which persisted throughout the year.

The company moved towards "a more even regional mix of vehicle builds" which led to an increase in cars in transit at the end of the quarter, it said in a trading update.

Global demand for new cars has been slowing as central banks across the West raise interest rates to combat inflation and the world economy slows.

Tesla's shares have recently taken a beating and its chief executive Elon Musk sold approximately $7.6bn (£6.38bn) of his Tesla shares to fund his takeover of Twitter.

The world's former richest man bought the social media platform at the end of October for $44bn (£36.4bn) and has spent much of his time since working on the business since then.

Full year Tesla results will be published on 25 January, which will give a clearer picture of the company's financial performance.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh
×