Tesla Inc. delivered a better-than-expected 241,300 cars worldwide in the third quarter, a record for the electric-carmaker led by Chief Executive Officer Elon Musk.
Quarterly Delivery is one of the most watched indicators Tesla. They are also widely seen as a barometer of consumer demand for electric vehicles amid the transition away from internal combustion engines.
“We would like to thank our customers for their patience as we work through the global supply chain and logistics challenges,” Tesla said in a statement on Saturday. The Model 3 and Y accounted for the overwhelming majority of delivery cars.
The results surpassed the 12 analysts polled by Bloomberg’s average delivery estimate of 223,677 and also surpassed the average projection of 221,952 sent by Tesla to investors. The latest results were higher than the company’s previous record of 201,250 vehicles in the second quarter.
Wedbush analyst Dan Ives said there was “eye popping” a major overhang on the auto space and logistics issues globally due to chip shortages and speaks to an EV demand trajectory that looks pretty strong for Tesla in 4Q and 2022. Is.” Securities in a note to customers on Saturday.
Shares of the EV market leader closed Friday with little change at $775.22. The stock is down less than 10% so far this year and trails the broader S&P 500, which joined last year.
Tesla’s numbers compare favorably with the rest of the industry, which saw US vehicle sales decline in the latest three-month period due to supply chain constraints limiting production. General Motors Co., which disabled major truck plants in September, suffered the biggest blow, with sales in its home market falling by a third in the latest quarter.
Tesla doesn’t break down sales by geography, but the US and China are its biggest markets. Tesla currently manufactures the Model S, X, 3 and Y at its factory in Fremont, California, and the Model 3 and Y at its plant in Shanghai. More than 96% of sales in the quarter were from Model 3 and Y.
New plants in Austin, Texas and Berlin are nearing completion. For the first time ever, Tesla’s dateline for production and distribution releases said “Austin,” and Tesla will hold its annual shareholder meeting from its Austin factory on Thursday. Tesla’s head of investor relations Martin Vicha did not respond whether Tesla has moved its corporate headquarters to Austin.
In September, Musk sent an email to employees urging everyone to “go super hardcore” to “ensure a decent Q3 delivery number.”
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.