Tesla expects Q3 revenue to be below projections and foresee supply delays in 2022.

On Wednesday, Tesla (NASDAQ:TSLA) Inc. stated that it anticipated missing its target for vehicle deliveries this year, but it downplayed worries about declining demand after its revenue fell short of Wall Street expectations.

Elon Musk, the CEO, assured investors on a conference call with analysts that there was great demand in the fourth quarter, allaying investors' worries that consumers could be put off by the dismal global economy and high costs of Tesla automobiles.

While production increased by 50%, Tesla predicted that fourth-quarter deliveries would increase by less than 50%.

Although we aren't recession proof, Musk emphasized that the company is recession resilient.

Previously, Tesla has stated time and over again that its goal for this year was a 50% increase from the 936,172 vehicles it delivered in 2021.

In the after-market session, its shares decreased 4.3%.

Investors are eagerly monitoring for signals that consumer demand is dropping as inflation soars and interest rates rise even if Tesla is expanding quickly amid general economic unease.

The company's automotive gross margin for the third quarter was 27.9%, which was below analysts' expectations and down from 30.5% a year earlier.

According to IBES statistics from Refinitiv, revenue for the third quarter was $21.45 billion, a record but below analysts' expectations of $21.96 billion.

The corporation claimed that the strengthening of the US dollar against other major currencies had a $250 million negative foreign currency impact on its profitability.