TESLA REPORTS Q4 DELIVERIES & PRODUCTION

EV Channels Review

Tesla's Q4 2022 delivery and production report reveals record numbers but falls slightly short of analyst consensus and the company's own expectations. Production reached 439,000 vehicles (47% year-over-year growth), while deliveries hit 405,000 (40% year-over-year growth). Both figures represent quarterly and annual records, yet the delivery numbers were approximately 6.5% below the reviewer's estimate and slightly under analyst consensus. The report highlights a significant increase in inventory, now estimated at 71,000 vehicles, translating to about 13 days of supply, up from 8 days in the previous quarter. While this is still low compared to the broader automotive industry, it signals a potential shift in demand. The reviewer discusses concerns about future growth, particularly for 2023, questioning Tesla's ability to maintain its 50% annual growth target given the current trajectory and the ambiguity surrounding previous guidance. The impact of the Shanghai factory shutdown and end-of-quarter discounts in the US are also discussed as contributing factors to the results.