Tesla Inc. delivered 405,278 vehicles worldwide within the fourth quarter, eking out a file regardless of rising rates of interest, inflation and crimped manufacturing in China.

The outcomes, posted Monday, missed expectations. In an effort to clear stock, Tesla dangled reductions of $7,500 to U.S. shoppers who took supply within the final days of December.

Tesla delivered greater than 1.31 million vehicles for the yr, falling in need of the 50 % year-over-year progress the corporate has aimed for. In 2022, car deliveries grew 40 % from a yr earlier, whereas manufacturing climbed 47 % to 1.37 million, Tesla mentioned in an announcement. The corporate produced 439,701 automobiles.

Greater than 34,000 vehicles remained in transit on the finish of the quarter. Analysts had anticipated the corporate would ship 420,760 automobiles — the common of estimates compiled by Bloomberg.

“Tesla sells vehicles, and the auto business is slowing down,” Gene Munster, managing companion of Loup Ventures, mentioned by telephone. “They’re nonetheless battling logistics, and the hole between manufacturing and deliveries grew from the final quarter.”

“We continued to transition in direction of a extra even regional combine of auto builds which once more led to an extra improve in vehicles in transit on the finish of the quarter,” mentioned Tesla.

Tesla’s quarterly supply figures are broadly seen as a barometer for EV demand typically, for the reason that Austin, Texas-based firm has led the cost for battery-powered vehicles.

The corporate has an extended custom of going all-out on the finish of the quarter to get vehicles into the palms of paying prospects, with high executives akin to design chief Franz von Holzhausen serving to out at a southern California supply heart on New Yr’s Eve.

Tesla does not escape gross sales by area, however the U.S. and China are its largest markets and 95 % of gross sales in 2022 have been of the Mannequin 3 sedan and Y crossover.

Tesla makes the Mannequin S, X, 3 and Y at its manufacturing unit in Fremont, California. Its Shanghai manufacturing unit produces the Mannequin 3 and Y. Tesla just lately started delivering Mannequin Ys from its latest vegetation in Austin and Berlin.

Tesla handed over its first Class 8 “Semi” vehicles to Pepsi Co. in December, however the quarterly press launch didn’t embrace any figures for the Semi truck.