Text with ElideRight set is elided too early

import QtQuick 2.12
import QtQuick.Window 2.12

Window {
    visible: true
    width: 640
    height: 480
    title: qsTr("Hello World")

    Text {
        anchors.centerIn: parent
        height: 50
        width: 163

        text: "Hello World"
        font.pixelSize: 30
        verticalAlignment: Text.AlignVCenter
        horizontalAlignment: Text.AlignLeft
        wrapMode: Text.WordWrap
        elide: Text.ElideRight
        maximumLineCount: 1

        Rectangle {
            anchors.fill: parent
            color: "transparent"
            border.width: 1
            border.color: "black"
        }
    }
}