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Tesla’s production picks up speed, the company makes record deliveries in the fourth quarter

Tesla, one of the largest electric car companies, has recorded production and deliveries in the fourth quarter. However, the company’s numbers were below analysts’ estimates. The reasons behind this are logistics problems, demand fall, high interest rates and slowdown.

Tesla delivered 4,05,278 vehicles in the last quarter of last year. According to data from Refinitiv, the estimate stood at 4,31,117 units. In the same quarter of the previous year, Tesla had delivered 3,08,600 vehicles. Tesla Production in the fourth quarter stood at 4,39,701 vehicles. Logistics-related problems persist for the company. Tesla Chief Elon Musk said a few months ago that he is working to solve it. The company delivered 3,88,131 units of the Model 3 compact sedan and Model Y SUV in the fourth quarter. In addition, 17,147 units of Model X and Model S luxury cars were delivered to customers.

Recently, Musk advised Tesla’s staff not to worry about the ups and downs of the stock market. Tesla’s share price has declined by nearly 70 percent this year. There are reasons behind this such as lack of demand for the company and Musk’s purchase of microblogging site Twitter.

Musk said in an email to Tesla workers that he believes Tesla will be the most valuable company in the long term. He said, “We have consistently performed very well and the market will accept that. I believe Tesla will be the most valuable company in the long term. Don’t be worried about the volatility of the stock market.” simultaneously Musk The company had also asked the staff to expedite the delivery of the electric car to the customers. The company had announced discounts on its vehicles in the US and China to boost sales. Since Musk’s takeover of Twitter, investors fear that he is ignoring Tesla. Musk bought Twitter for about $44 billion. For this deal, he has sold some part of his stake in Tesla along with taking a huge loan.

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(This news has not been edited by Digitnews team. It is published directly from syndicate feed.)

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