Tesla vehicle deliveries hit another record in Q3, beats analysts’ estimates

0
25
imageStock Markets1 hour ago (Oct 02, 2021 18:55)

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo

(Reuters) -Tesla Inc said on Saturday it had delivered a record electric cars in the third quarter, beating Wall Street estimates after Chief Executive Elon Musk asked staff to “go super hardcore” to make a quarter-end delivery push.

Tesla has weathered the chip crisis better than rivals, with its overall deliveries surging 20% in the July to September period from its previous record in the second quarter, marking the sixth consecutive quarter-on-quarter gains. .

In China, rising exports to Europe and the introduction of a cheaper Model Y helped boost Tesla’s production, analysts said.

Musk said Tesla suffered an extremely severe parts shortage earlier in the third quarter and had urged employees to make quarter-end delivery push, Reuters reported last month, citing an internal company email.

“The end of quarter delivery wave is unusually high this time,” he said in the email.

Tesla delivered 241,300 vehicles globally in the July to September quarter, up 73% from a year earlier. Analysts had expected the electric-car maker to deliver 229,242 vehicles, according to Refinitiv data.

General Motors (NYSE:GM), Honda and some of its bigger rivals posted declines in U.S. sales in the third quarter, hit by a prolonged chip shortage. GM’s third-quarter U.S. sales fell nearly 33% to its lowest level in more than a decade.

Tesla said it delivered 232,025 of its Model 3 compact cars and Model Y sport-utility vehicles and 9,275 of its flagship Model S and Model X cars to customers in the quarter.

Total production in the third quarter rose over 15% to 237,823 vehicles from the prior quarter.

CHINA

Gary Black, portfolio manager at the Future Fund and a Tesla bull, said that Tesla’s deliveries were driven by record deliveries in China, which was “putting to rest any notion China demand is slowing.”

Tesla faces scrutiny from both regulators and the public and growing competition from local rivals.

Tesla has not released its September China sales yet, and in August, its Shanghai factory exported more than two thirds of its vehicles to Europe and Asian countries.

Tesla vehicle deliveries hit another record in Q3, beats analysts’ estimates

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here