Tesla Will Miss Its 2022 Delivery Target: CNN Business

Tesla posted a solid quarter of earnings and record revenue, but now says it will likely fall short of its target for a 50% growth in the number of cars it sells this year, Julia Horowitz reported for CNN Business.

Photo Insert: With two quarters of disappointing deliveries caused by supply chain issues and COVID-related shutdowns in China, Tesla's 50% growth goal has looked increasingly out of reach.

As late as July, the company said it was still aiming for a target of 50% growth from the 936,000 cars it delivered in 2021. But with two quarters of disappointing deliveries caused by supply chain issues and COVID-related shutdowns in China, that goal has looked increasingly out of reach.

CEO Elon Musk said that the electric carmaker is not struggling with demand.

"We expect to sell every car that we make, for as far in the future as we can see," he said on a call with analysts on Wednesday. Instead, the company said it would "just" miss its target due to complications with delivery of cars from its factories to customers at the end of the year.

Shares are down 5% in premarket trading on Thursday. They've dropped 37% year-to-date, compared to a 22.5% fall in the S&P 500.

"This quarter was not roses and rainbows," said Dan Ives, tech analyst for Wedbush Securities. "Competition is increasing. There are some logistical challenges."

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