Tesla has announced its fourth quarter numbers, showing that the company once again missed meeting its vehicle delivery targets. The main reason behind the shortfall is production delays. The company was able to deliver 22,200 vehicles during the final quarter of 2016, up from 17,478 units it sold for the same quarter a year earlier.

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The electric car company reported a 27 percent increase in its revenue for the fourth quarter. Its total tally for the annual sales stood at 76,230 units, falling behind the company's forecast of selling 80,000 cars during the year.

Tesla released a statement claiming that its "Q4 vehicle production was weighted more heavily towards the end of the quarter than we had originally planned." The company said that it was able to pick up the pace again. However, production delays led to missed shipping in Asia and Europe.

The company also said that it had 6,450 vehicles in transit at the end of the quarter. However, these units may not be added to its annual shipping numbers as Tesla does not consider the sales to be completed until the unit is in the buyer's possession.

Tesla is known for setting ambitious targets for itself. The company also plans to boost its production capacity to 500,000 units annually by the end of 2018. However, the company was able to produce only 84,000 vehicles the previous year. Tesla's long term plan is to churn out a million vehicles a year by 2020.

The company is facing several issues on the production front. Its Autopilot feature has proved to be a contentious concern as a driver was killed last year as his car crashed while on the automated driving system. It also had issues with the production of its new Model X SUV.

Tesla is looking to start manufacturing its Model 3 sedan by the end of this year. This will be the first mass-market vehicle offered by Tesla.