Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession.
The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company had delivered 308,600 vehicles in the same period a year earlier.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs) compared with 17,147 Model X and Model S luxury cars.
In total, Tesla made 439,701 cars in the fourth quarter.
Tom Zhu takes over sales in North America
Tesla Inc’s head of China, Tom Zhu, has taken over responsibilities for sales, service and deliveries in North America, Electrek website reported yesterday, citing sources familiar with the matter.
Zhu’s official title remains vice president in charge of Asia/Pacific, according to the report on the US website dedicated to news on electric transportation and sustainable energy, Reuters cited.
Tesla did not immediately respond to written requests for comment from Reuters.
Zhu and his team from Shanghai have been traveling to Tesla plants in California and Texas prompting talk among colleagues he is being groomed for a bigger role at a time when chief executive Elon Musk has been focused on his purchase of Twitter, Reuters reported last month.
Under Zhu’s leadership, Tesla Shanghai rebounded strongly from lockdowns this year to bring Tesla close to its target for 2022 of 50 per cent production growth.
The automaker yesterday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates due to logistics problems, slowing demand, rising interest rates and fears of recession. Tesla’s stock fell 65 per cent in 2022, its worst year since going public in 2010.