The company plans to build a plant in Mexico

Tesla Dropped Wall Street 2022: An Unusually Rich Year for the Semi-Inclusive Automotive Company: A Loss of $200 Billion

The number of cars delivered by the company was a record last year, with sales growing by percentage. But Tesla still managed to disappoint Wall Street throughout 2022 – and the last quarter was no different.

Evidence of car buyers’ sinking interest in Teslas became apparent last month after the company announced a rare sale in a bid to clear out inventory. With two weeks left in the year,Tesla doubled the $8,000 discount it offered for buyers who took delivery of a vehicle before the end of the year.

Tesla thanked customers and employees for helping the company “achieve a great 2022 in light of significant Covid and supply chain related challenges throughout the year,” according to a statement released on Monday.

The statement said that we transitioned towards a more even regional mix of vehicle builds, which lead to a further increase in cars in transit in the last quarter.

Tesla said it delivered 1.25 million of its less-expensive Model 3 and Model Y electric cars, and nearly 67,000 of its higher-end Model X and Model X lines.

It was a year of unusual struggles for the electric vehicle maker, which included a decline in demand, an older lineup, and increased competition. Musk’s purchase of Twitter led to a subsequent sharp decline in Tesla’s stock price, which plunged by as much as 65 percent over the course of the year. The rout shaved billions from Musk’s own net worth, leading him to claim the unfortunate designation as the first person to lose $200 billion, according to Bloomberg.

Tesla shares dropped after Musk’s announcement on Wednesday: a’shuffling’ and “very excited about the next generation autos”

Musk said they were excited about it during the investor day. “We’ll continue to expand production at all of our existing factories. So this is not moving output to anywhere, from anywhere. This is not normal production.

According to statistics from the US Trade Administration, a part of the Commerce Department, Mexican plants were producing just under 4 million cars a year in the years before the pandemic reduced the supply of auto parts, particularly computer chips, and auto production worldwide. They produced about 3.5 million cars. That makes it the seventh largest country in terms of auto production.

The Inflation Reduction Act passed last year restored tax credits of up to $7,500 to buyers of the less expensive Tesla cars, the Model 3 and Model Y, as long as their list price is under $55,000. To qualify for the tax credit, the cars must be assembled in North America, so the eventual output from the plant in Mexico should qualify.

Shares of Tesla

            (TSLA) slipped more than 5% in after-hours trading Wednesday, although that was up a bit from a larger decline before Musk’s announcement more than three hours into the presentation. There had been hope by some investors that Tesla

            (TSLA) would announce details about a next generation of vehicles. Musk declined to answer a question about the next generation vehicle.

Musk said that he doesn’t expect the company to have any more than 10 different vehicles in its lineup. The broad offerings of competing automakers were derided as simply a’shuffling.’