Electric-vehicle maker reports near-record profit as its sales miss Wall Street’s expectations
Tesla Inc. cut its full-year growth expectations as it adjusts vehicle-shipping patterns, but Chief Executive Elon Musk brushed off worries about weakening demand amid recession fears.
Tweet on Tesla’s vehicle delivery target
Tesla Cuts 2022 Vehicle-Delivery Target!@Tesla is coming just shy of its 2022 goal of growing vehicle deliveries by 50% this year
Tesla’s stock price has fallen by 37% in 2022
Tesla delivered roughly 936,000 vehicles last year & would need to deliver more than 1.4M this year pic.twitter.com/OnCifZKcBA
— The_Journalbiz (@the_journalbiz) October 24, 2022
Tweet on Tesla’s 2022 delivery projections -FactSet
Tesla has raised prices as parts have become more expensive and new cars difficult to come by.
The company expects to “sell every car that we make for as far into the future as we can see,” Mr. Musk said as Tesla reported near-record quarterly profit.
Strong vehicle pricing helped Tesla generate nearly $3.3 billion in quarterly profit for the three months ended in September, ahead of expectations of analysts surveyed by FactSet. That is just shy of the company’s record quarterly profit of more than $3.3 billion, set in the first quarter.
Tesla, just recently posted quarterly revenue of $21.5 billion, its highest ever, up from around $13.8 billion in last year’s third quarter and short of Wall Street expectations.
The company said its results were affected by the strong dollar, higher raw materials and logistics costs, and inefficiencies associated with getting car plants in Texas and Germany up to speed
- Tesla expects to finish the year just shy of its 2022 target of boosting vehicle deliveries by 50%, Chief Financial Officer Zach Kirkhorn said.
He attributed the lower growth to changes in how the company produces and distributes cars to customers. Tesla delivered roughly 936,000 vehicles in 2021 and would need to hand over more than 1.4 million this year to achieve the original target.
Tesla’s stock price has fallen by around 37% in 2022