Tesla falls short of its 50% growth target in 2022, and the stock plummets amid Elon Musk’s Twitter distraction.

San Francisco, January 3: Tesla, run by Elon Musk, missed its target of 50% growth in production and deliveries in 2022 after its stock plummeted about 65% last year when Musk bought Twitter for $44 billion. The automaker needed him to sell 495,760 vehicles in the fourth quarter (Q4) to hit its 50% growth guidance.

In the fourth quarter, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle sales will increase by 40% to 1.31 million units, and production will increase by 47% to 1.37 million units. However, Tesla’s fourth quarter shipments are up from his 343,830 units sold in the third quarter (Q3). China release dates, pricing and delivery details for the Tesla Model S and Model X have been revealed.

“We continued to move towards a more even regional mix of vehicle manufacturing, which again led to a further increase in vehicles in transit at the end of the quarter,” the company said in a statement late Monday. Stated.

Investors fear the Covid situation in China and supply chain-related challenges will further affect Tesla’s sales. The Tesla CEO became the first person to lose $200 billion from his net worth. Audi has proven that sales in 2022 will increase by 27.14% to 4,187 units.

His wealth eroded further after he acquired Twitter for a whopping $44 billion. Meanwhile, Tesla has offered a $7,500 discount on its Model 3 and Model Y vehicles, and has also announced price cuts on some models in an effort to sell more vehicles.

(The above article was first published on LatestLY on January 3, 2023 at 11:21 AM (IST). For news and updates on politics, world, sports, entertainment and lifestyle, please visit our website Please log on to the site. latest.com).