Electric vehicle manufacturer has announced it delivered a record 1.3 million vehicles in 2022, up 40 per cent year-over-year.

The company’s car production grew by 47 per cent year-over-year to 1.37 million.

Despite the news, the company’s shares dropped by more than 12 per cent after the announcement.

In a statement to investors, Tesla said it had to deal with "significant Covid and supply chain related challenges throughout the year".

The company will announce full financial results for 2022 at the end of January. Tesla also plans to hold a special day for investors in March to discuss long term expansion plans.

Last year, Tesla reportedly recalled nearly 30,000 Model X cars in the US over an issue that prevents the front passenger air bag functioning correctly. The news saw shares at the company drop by nearly three per cent, the lowest level in nearly two years.

Tesla has also seen its self-driving technology come under significant scrutiny following multiple accidents. Most recently, it was revealed that a 2021 eight-vehicle crash in California was caused by a Tesla Model S operating in 'full self-driving mode' which malfunctioned.

The firm’s founder Elon Musk sold almost $20 billion in Tesla shares in 2022. The sale of the stock reportedly was used to finance Musk’s acquisition of social media site Twitter.

Tesla has also promoted Tom Zhu, chief of its Chinese business, to take direct oversight of its US assembly plants and sales operations in North America and Europe. While still carrying the same title of vice president for Greater China, Reuters cites internal posting of reporting lines which shows Zhu the highest-profile executive at the car maker after Musk.

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