Tesla 3Q Deliveries Rebound — but Not as Much as Analysts Expected

0
18
Tesla 3Q Deliveries Rebound -- but Not as Much as Analysts Expected

Electric-car maker Tesla‘s worldwide vehicle deliveries jumped 35% in July through September versus the previous three-month period, reaching another record high — but still falling short of analysts’ expectations. 

The company said Sunday that it delivered 343,830 vehicles in the third quarter, a rebound from the previous period‘s 254,695 when COVID-related factory closures in Shanghai hurt production. Compared with a year earlier, deliveries were up 42% from 241,300 vehicles in the third quarter of last year.

But analysts on average were expecting the latest deliveries figure to exceed 359,00, according to the consensus estimate recorded by Refinitiv.  

“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost” during the peak times for deliveries near the end of each quarter, the company said Sunday. 

Breaking down the delivery figures, Tesla typically splits the four vehicles it sells by detailing them two groups: The Model 3 and Model Y, its less expensive offerings, together accounted for 325,158 deliveries, while the pricier Model S and Model X accounted for 18,672.

Distinct from deliveries, Tesla said its production of cars hit 365,923 in the latest period. 

Tesla will report its full third-quarter financial results on Oct. 19.

Go to Publisher: CNET
Author: Joan E. Solsman