Tesla vehicle deliveries hit new high in third quarter, beating analyst estimates
Oct. 2 (Reuters) – Tesla Inc (TSLA.O) said on Saturday it delivered a record third quarter electric car, beating Wall Street estimates after chief executive Elon Musk asked staff to “go super hardcore “to make a quarter-end of push delivery.
Tesla weathered the chip crisis better than its rivals, with overall shipments increasing 20% between July and September from its previous high in the second quarter, marking the sixth consecutive quarter-over-quarter gain. .
In China, increased exports to Europe and the introduction of a cheaper Model Y have helped boost Tesla’s production, analysts say.
Musk said Tesla suffered from an extremely severe parts shortage at the start of the third quarter and urged employees to push deliveries to the end of the quarter, Reuters reported last month, citing an internal email from the business.
“The end-of-quarter delivery wave is unusually high this time around,” he said in the email.
Tesla delivered 241,300 vehicles worldwide between July and September, up 73% from the previous year. Analysts expected the electric car maker to deliver 229,242 vehicles, according to data from Refinitiv.
General Motors (GM.N), Honda (7267.T) and some of its biggest rivals saw lower sales in the United States in the third quarter, hit by a prolonged shortage of chips. GM’s sales in the United States in the third quarter fell nearly 33% to their lowest level in more than a decade. Read more
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 during the quarter.
Total production in the third quarter increased by more than 15% to 237,823 vehicles from the previous quarter.
Gary Black, portfolio manager at the Future Fund and a bull of Tesla, said Tesla deliveries were driven by record deliveries to China, which “put an end to any idea of slowing Chinese demand.”
Tesla faces intense scrutiny from regulators and the public and growing competition from its local rivals.
Tesla has yet to release its September China sales, and in August its Shanghai plant exported more than two-thirds of its vehicles to Europe and Asian countries.
Reporting by Juby Babu and Nivedita Balu in Bengaluru and Hyunjoo Jin in SAN FRANCISCO Editing by Marguerita Choy
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