Thursday, December 1, 2022

Tesla Q3 deliveries rise 43% over 2021

New vehicle deliveries by Tesla increased in the third quarter, beating the previous three months during which its Chinese factory was shuttered for multiple weeks, the U.S. electric automaker announced Sunday.

From July through September, Tesla delivered 343,380 vehicles around the world, the company led by Elon Musk said in a statement.

That represents an increase of 43% over the same period last year, and 35% more than the second quarter of 2022, Tech Xplore reports.

While the Q3 results show a return to growth for Tesla deliveries, the total number was at the bottom end of analyst estimates, which were between 343,000 and 370,000.

The company said it was facing headwinds with regard to “vehicle transportation capacity,” which it hoped to resolve with better distribution among its factories – including recently opened sites in Berlin and Austin, Texas.

Wedbush Securities analyst Dan Ives described the quarter as “nothing to write home about” in a note to investors, while the market would likely be “disappointed by the softer delivery number in 3Q.”

“That said, we view this more of a logistical speed bump rather than the start of a softer delivery trajectory,” he added.

Tesla has managed to increase deliveries every quarter since the beginning of the pandemic, with the exception of Q2 this year.

Tesla also reported an increase in auto output, with 365,923 vehicles produced in the third quarter – 54% more than the same period last year, though a pace that would likely prevent it from reaching 1.5 million vehicles total for the year, as Musk had estimated in April.

The company plans to release its full quarterly results on Oct. 19.

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