Twitter Elon Musk Tesla Earning Goal Aim Loss Fall Short 50 Percent

Twitter Elon Musk Tesla Earning Goal Aim Loss Fall Short 50 Percent

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.

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.

ALSO READ: Elon Musk Makes Yet Another Record, Becomes First Person In History To Lose $200 Billion

Meanwhile, Elon Musk has become the first person ever to have their net worth reduced by $200 billion. Last year, 51-year-old Musk saw his worth drop to $137 billion as a result of the decline in Tesla stock, according to the Bloomberg Billionaires Index. Tesla stocks further slipped 11 per cent earlier this week. 

Musk was the second person ever to have a fortune of more than $200 billion after Jeff Bezos. He achieved that milestone in January 2021. His wealth peaked on November 4, 2021, at $340 billion, and he held the title of world’s richest man until Bernard Arnault, the French entrepreneur who founded LVMH, passed him this month.

(With inputs from IANS)

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