Tesla says deliveries increased in Q3| MENAFN.COM

Monday, 05 December 2022 01:10 GMT

Tesla says deliveries increased in Q3


(MENAFN- AFP)

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 US electric automaker announced Sunday.

Between July and September, Tesla delivered a total of 343,380 vehicles around the world, the company led by Elon Musk said in a statement.

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

While the Q3 results show a return to growth for Tesla deliveries, the total number was at the very 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, when the company was forced to close its Chinese factory.

Tesla also reported an increase in auto output, with 365,923 vehicles produced in the third quarter -- 54 percent 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 October 19.

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