Tesla reported a record 1.3 million vehicle deliveries last year, 40% more than in 2021.
However, the company, led by billionaire Elon Musk, fell short of Wall Street sales forecasts for the year’s final months.
Following the update, the company’s stock dropped by more than 12% on Tuesday.
In a statement to investors, Tesla said it had to deal with “significant COVID and supply chain-related challenges throughout the year.”
Meanwhile, authorities in South Korea announced earlier on Tuesday that they would fine Tesla $2.2 million (£1.8 million) for failing to inform customers about the shorter driving range of its electric vehicles in cold temperatures.
The Korea Fair Trade Commission said the company had exaggerated the “driving ranges of its cars on a single charge, their fuel cost-effectiveness compared to gasoline vehicles as well as the performance of its Superchargers”.
Tesla did not immediately respond to a request for comment from the BBC.
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The share price drop on Tuesday wiped more than $50 billion (£41 billion) off Tesla’s market value, which has long been regarded as disproportionate in comparison to carmakers such as Ford and General Motors, which produce more vehicles.
Tesla shares fell 65% last year, their worst year since going public in 2010, as investors worried about production disruptions, a slowing in demand, and Mr. Musk’s focus on the newly acquired Twitter.
The multibillionaire paid $44 billion (£36.4 billion) for the social media platform at the end of October and has spent much of his time since then attempting to turn the business around, despite Tesla’s mounting challenges.
Tesla, like other automakers, is concerned about the possibility of slowing vehicle demand as customers deal with rising borrowing costs and concerns about an economic slowdown.
Tesla also faces competition from traditional automakers such as Ford and General Motors, as well as newer market entrants such as Rivian and Lucid in the United States, and BYD and Nio in China.
Deliveries in the fourth quarter of the year were also about 34,000 fewer than Tesla produced, highlighting the logistics issues faced by the world’s most valuable car maker.
The shortfall is unusual for Tesla, which had previously delivered roughly the same number of vehicles as it produced.
In October, Musk stated that he was working to resolve the issue and refuted the notion that demand was suffering.
On January 25, 2022, the company will release its financial results for the fourth quarter and the entire year.
In a separate statement, Tesla stated that its Investor Day will be held on March 1 and will be live-streamed from its Gigafactory in Texas.
“Our investors will have the opportunity to see our most advanced production line as well as discuss long-term expansion plans, the generation 3 platform, capital allocation, and other topics with our leadership team,” the company said.
