Tesla falls short of 50% growth goal in 2022 amid Musk’s Twitter distraction

San Francisco : Elon Musk-run Tesla has missed its target of 50 per cent growth in production and deliveries for 2022, as its stock plummeted around 65 per cent amid Musk’s $44 billion Twitter takeover last year.

The automaker needed to sell 495,760 vehicles in its fourth quarter (Q4) to have achieved the 50 per cent growth guidance.

In the fourth quarter, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles.

In 2022, vehicle deliveries grew 40 per cent (year-on-year) to 1.31 million while production grew 47 per cent (on-year) to 1.37 million.

Tesla’s Q4 deliveries, however, are up from 343,830 vehicles sold in the third quarter (Q3).

“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 late on Monday.

Investors fear that the China Covid situation and supply chain-related challenges will further impact Tesla sales. They are also concerned about Musk’s distraction by his Twitter overhaul.

The Tesla CEO has become the first person ever to lose $200 billion from his net worth.

His wealth eroded further after he bought Twitter for a whopping $44 billion.

Meanwhile, Tesla also announced a price drop in several of its models, offering a $7,500 discount for its Model 3 and Model Y vehicles, in a bid to sell more vehicles.
IANS

As world’s fastest-growing economy at 5.8%, India ‘bright spot’: UN economist

United Nations: As the fastest-growing major economy at a clip of 5.8 per cent this year, India is a "bright spot" when the world economy is expected to grow by...

Budget 2023: Need for votes Vs long-term requirements

That economics is not a perfect science is being proved once again as inflation rages through the US and Europe. Both the US and the UK, countries for whom 3-4...

Re-Impose cap on royalty payments by MNCs, demands Swadeshi Jagran Manch

New Delhi: RSS' economic wing, Swadeshi Jagran Manch expressed its concern over issues regarding outflow of valuable foreign exchange in the name of royalty and technical fees by multinational corporations...

Wipro lays off over 400 freshers for poor performance

Bengaluru: IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests. The company has issued termination letters to all the affected employees...

‘Gold prices on the upward trend, to touch Rs 60,000/10 gms soon’

Chennai, Jan 16 (IANS) Gold prices are expected to touch Rs 60,000/10 grams 24-carat shortly with the rates touching Rs 58,550 on Monday, a top official of Madras Jewellers and...

CCI order strikes a blow to accelerating digital adoption in India: Google

New Delhi: As the fight between Google and the Competition Commission of India (CCI) reaches the Supreme Court, the tech giant on Friday said India is at a juncture where...

Cryptocurrencies equivalent to gambling: RBI Governor

New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a...

Adidas loses stripes row trademark battle with luxury designer Thom Browne

New York, Jan 13 (IANS) Adidas has lost a court case to try to stop a fashion designer from using a four-stripe design, the media reported. The sportswear giant argued...

Seventh edition of MP Global Investors Summit begins in Indore

Bhopal:The two-day Global Investors Summit (GIS) organised by the Madhya Pradesh government began on Wednesday at the Brilliant Convention Centre in Indore. This is the seventh edition of GIS, and...

Piyush Goyal mocks ‘mini’ trade deal with US, concedes no FTA on offer

Washington: Union Commerce and Industry Minister Piyush Goyal said that India was not interested any longer in the "mini" trade deal that was once under discussion with former US President...

Shilpa Shetty to make a killing in Mamaearth IPO

New Delhi, Jan 9 (IANS) Angel investors, including Bollywood actress Shilpa Shetty, stand to make a killing in the forthcoming IPO of Mamaearth as the company is being valued at Rs...

IMF bullish on Indian economy despite global downturn signals

New Delhi:  Even as the world economy is looking at recessionary trends owing to the prevailing global headwinds and fluid geopolitical situation due to the prolonging Russia-Ukraine conflict, the International...

Read Previous

IIT Kanpur filed record 107 IPRs in 2022

Read Next

Salman Khan’s fan travels 1100 km to wish him on his birthday

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com