Tesla's latest report also showed that it produced 34,423 more vehicles than it delivered, meaning that supply outpaced demand for the third consecutive quarter.
slowing demand, rising interest rates, and CEO Elon Musk's chaotic Twitter takeoverIts market capitalization fell from $1.06 trillion to $389 billion in 2022, according to Refinitiv – meaning it lost investors a record $672 billion.
"For much of 2022 Tesla's share price was more befitting of a clapped-out old banger than a shiny, sleek machine," AJ Bell investment director Russ Mould said. "It doesn't look like there's going to be an immediate change of speed for the company in 2023 given quarterly deliveries have fallen short of management expectations," he added.
Tesla is about to announce a major shake-up to deliveries to promote Greater China executive Tom Zhu to head up plants, sales, and services for North America, according toThat move would make Zhu the EV manufacturer's second highest-profile executive – at a time when Musk is facing shareholder pressure to step down as CEO.
Tesla's share price has crashed 47% since Musk finalized his Twitter takeover on October 27, with analysts warning that the social-media giant is distracting him from his role as Tesla boss., which he said had fueled a broader market sell-off by making cash more attractive than stocks.
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