Tesla sold record 1.3 million vehicles last year

Tesla reportedly sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow the company’s sales by 50% nearly every year, according to a report from the Associated Press.

The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million.

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

The company’s stock decline for the year, its worst ever, was more than triple the drop in the S&P 500, which was down 19.4%.