Tesla Delivers Record 343,000 Cars in Q3, but Still Behind Estimates
source link: https://www.businessinsider.com/tesla-delivered-record-343000-cars-q3-still-short-of-estimates-2022-10
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Tesla delivered 343,000 vehicles in the third quarter of 2022 — setting a new record but still falling short of estimates due to logistical challenges
PATRICK PLEUL/POOL/AFP via Getty Images
- Tesla produced 365,923 vehicles and delivered 343,830 in Q3, the company announced Sunday.
- While the deliveries mark a new record for the company, they still fell short of estimates.
- The company cited the challenge of securing "vehicle transportation capacity ... at a reasonable cost during these peak logistics weeks."
Tesla's latest delivery numbers are in, and they're a mixed bag.
The company produced 365,923 vehicles and delivered 343,830 in the third quarter of this year, it announced Sunday.
The deliveries set a new record for the company and are up from 310,048 in the first quarter; 254,695 in the second quarter; and 241,300 in Q3 of last year. Still, deliveries fell short of the consensus of analysts' estimates, which was closer to 360,000.
The company cited logistical challenges as a reason for the discrepancy, noting there was an increase in cars in transit at the end of the quarter that will be delivered after arriving at their destination.
"Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars," Tesla said in a press release. "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks."
According to the company, Tesla's production numbers are up from 305,407 in the first quarter; 258,580 in the second quarter; and 237,823 in Q3 of last year.
Of the vehicles produced in Tesla's most recent quarter, 19,935 were Model S and Model X, and 345,988 were the cheaper Model 3 and Model Y. As for deliveries, 18,672 were Model S and X and 325,158 were Model 3 and Y.
In the past two quarters, Tesla cited supply chain issues made worse by Russia's invasion of Ukraine, as well as a shutdown of its Shanghai factory amid a surge in COVID-19 cases in the city, as factors hampering production and delivery.
Tesla will post its financial results for Q3 on October 19.
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