The demand for EVs has not gone away, but the demand for Teslas has. Even after slashing prices and offering discounts for the first time, Tesla could not meet its sales targets and now has excess inventory. Other automakers, like Ford, are raising prices and are unable to meet customer demand.
Even though buyers of the cars refuse to pay a premium, TSLA shareholders still are. The price per TSLA share has come down another 9% at the time of publication.
That represents a 47 percent increase in production year on year and a 40 percent increase in deliveries over the same time period, Tesla says.
Unfortunately, that's not quite good enough for Wall Street. Tesla had told investors to expect 50 percent growth year on year for deliveries, and as a result, the company's share price—which lost more than 70 percent of its value during 2022—dropped even further when trading began and is already down more than 8 percent as of press time.
The failure to meet the delivery target happened even after Tesla heavily discounted its EVs at a time when most other EVs are sold out and often subject to dealer markups.
