Tesla revealed Monday that it hit 1.37 million vehicle productions and 1.31 million deliveries in 2022 for an over 40% year-over-year growth in both, according to a press release.
Despite the numbers representing a new record for Elon Musk's company, the fourth quarter's 439,701 productions and 405,278 fell short of Wall Street expectations – who predicted around 427,000 for the year's last quarter, CNBC reported.
Broken down by vehicle, Tesla saw its deliveries of the Model 3 sedan and Model Y crossover amount to 388,131. The Model S sedan and Model X SUV, meanwhile, only amounted to 17,147 deliveries.
Delivery capacity was spurred by the opening of two new factories in Austin, Texas, and Brandenburg, Germany, over the last several months. Production also saw an uptick in Fremont, California, and Shanghai, China.
It follows Tesla's official 2022 third-quarter update parroting CEO Elon Musk's hope that the company would hit 50% growth in deliveries for 2022. However, the latest report shows the automaker was well short of the more than 1.4 million deliveries needed.
"Over a multi-year horizon we expect to achieve 50% average annual growth in vehicle deliveries," Tesla wrote at the time. "The rate of growth will depend on our equipment capacity, factory uptime, operational efficiency and the capacity and stability of the supply chain."
The company signaled in October that it would fall short of its 50% target by cutting expectations while assuring it expects to "sell every car that we make for as far into the future as we can see."
"Tesla is facing a significant demand problem," Bernstein Research analyst Toni Sacconaghi, Jr. told investors Monday, per The Wall Street Journal.
In the last six months, Tesla shares have plunged more than 45%.
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