Tesla sells record 1.3 million vehicles in 2022

Tesla sold a record 1.3 million vehicles last year, topping the previous record of 936,000 vehicles delivered in 2021, but it fell short of the 1.4 million needed to reach CEO Elon Musk's 50% growth target.

The 1.3 million vehicles sold represent a 40 percent year-over-year increase. Meanwhile, production surged 47 percent to 1.37 million.

Musk had pledged a 50 percent growth in sales nearly every year.

The shortfall came despite a major year-end sales push that included rare $7,500 discounts in the US on Models Y and 3, the company's top-selling models.

Tesla also dealt with rising cases of the novel coronavirus in China, which cut into production at its Shanghai factory.

Tesla delivered more than 405,000 vehicles worldwide in the fourth quarter with the

extra US push but analysts’ projections of 427,000 deliveries from October through December and 1.33 million for the full year.

Tesla didn't roll out any new models last year, and it's facing increasing competition from legacy automakers and startups such as Lucid and Rivian, which are continually introducing new electric vehicles.