Tesla reports record quarterly deliveries but misses estimates

Tesla reports record quarterly deliveries but misses estimates

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Tesla Inc reported record production and deliveries for fourth-quarter electric vehicles on Monday, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and recession fears .

The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, according to Refinitiv data, while Wall Street had expected 431,117 vehicles.

The company had delivered 308,600 vehicles during the same period a year ago.

Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs), compared to 17,147 Model X and Model S luxury cars.

Overall, Tesla made 439,701 cars in the fourth quarter.

As logistical constraints persisted — an issue CEO Elon Musk said in October he was working to resolve — Tesla’s fourth-quarter production dropped to about 34,000 vehicles.

In the third quarter, the company’s deliveries were less than production by about 22,000 units.

Delivering fewer cars than it makes has been rare for the automaker, which delivered more or the same number of vehicles it produced in previous quarters.

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