Tesla said on Monday it had delivered 1.31 million electric vehicles in 2022, a record high and a 40 percent jump from a year earlier, but still below its own forecast and Wall Street expectations, AFP reported.

Elon Musk’s company has set itself a long-term goal of increasing deliveries by an average of 50% per year.

It regularly says that target can fluctuate depending on its operations, and in its statement on Monday it highlighted the impact of Covid, which has closed its factory in China for several weeks, as well as problems with its supply chains.

The CFO also warned in October that Tesla may miss its target this year.

Analysts had expected more: They had expected 427,000 vehicles to be delivered in the fourth quarter, according to estimates compiled by FactSet, but the company delivered 405,000.

To increase sales, Tesla offered unusual promotions to customers who agreed to receive a new car by the end of December.

In an email sent to employees last week seen by CNBC, Elon Musk also asked them to voluntarily deliver as many cars as possible by the end of 2022.

Many observers fear a possible slowdown in demand for the automaker’s luxury cars at a time when the economic environment is uncertain and other manufacturers are increasingly offering competing models.

They are also concerned that Elon Musk is focusing on his new company, Twitter, rather than Tesla.

After soaring in 2020 and 2021, the automaker’s shares fell 65% in 2022.

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