Tesla, a pioneering company in the EV industry, reported delivering 1.3 million units in 2018, a record-breaking number and a 40% increase from 2021.

This is because the company provided more than 405,000 cars in the last three months of 2022.

This result, however, fell short of Wall Street's expectations at the time since they had anticipated 430,000 deliveries.

The car industry is expected to see a decrease in demand this year as a result of potential purchasers' worries about rising interest rates and the current state of the economy.

Tesla provided investors with an explanation of its problems in a statement, stating that the firm had "significant challenges throughout the year about both the Covid and supply chain."

Meanwhile, on Tuesday, South Korean officials said that they would fine Tesla $2.2 million (£1.8 million) for neglecting to warn customers that their electric vehicles' range would be limited in cold weather.

The firm has overstated "the driving ranges of its autos on a single charge, their fuel cost-effectiveness compared to gasoline vehicles, as well as the performance of its Superchargers," according to the Korea Fair Trade Commission.

Tesla was contacted by the BBC for comment, but the business did not respond right away.

Tesla's struggles with its supply chain operations are shown by the fact that it delivered almost 34,000 fewer cars than it produced in the fourth quarter of the year.

Since Tesla has often been able to deliver around the same number of cars as it produces, this is an uncommon event.

Elon Musk, the business's CEO, said in October that he was working to find a solution.

Like other manufacturers, Tesla is concerned about the likelihood of a decline in demand for vehicles in the next year. Due to rising financing costs and concerns about an economic collapse, customers are experiencing problems.

Rivian and Lucid in the United States, BYD and Nio in China, and other more recent market entrants are some of the companies Tesla must compete with. Ford and General Motors, two of the biggest names in traditional car production, are rivals of Tesla.

The firm is scheduled to release financial results for the fourth quarter of 2022 and the whole year on January 25, 2022.

Tesla confirmed in a second statement that its Investor Day will take place on March 1 and that it would be streamed from its Gigafactory in Texas.

The company said in a statement that "our investors will get the chance to see our most advanced production line and speak with our leadership team about long-term development goals, the generation 3 platform, capital allocation, and other issues."

Tesla's share price fell by 65% as a result of investors' worries about production delays, demand slump concerns, and Mr. Musk's focus on Twitter in 2022. The business's weakest year since going public in 2010 was this one.

The multibillionaire has spent a lot of time trying to revive the company's fortunes after buying the social networking platform at the end of October for $44 billion (about £36.4 billion).