Tesla releases Q3 delivery details were announced on October 2. It says they approximately sold over 240,000 cars and made 238,000 units. However, Wall Street predicted that Tesla would sell only 222,700 vehicles in the third quarter. The difference in the actual sales is around 20,000 units.
Tesla was known to be affected by the chip crisis, and it was observed that from July to September the company’s deliveries were surging at 20%. Despite the challenges, Tesla managed to get sixth consecutive quarter-on-quarter gains.
The press release included that, “In the third quarter, we produced approximately 238,000 vehicles and delivered over 240,000 vehicles. We would like to thank our customers for their patience as we work through the global supply chain and logistics challenges.”
According to The Wall Street’s prediction, the company would have the strongest Q3, which turned out to be true. Meanwhile, some analysts did predict that the company would sell 230,000 units. Around 9,275 were Model S and Model X vehicles were sold from the overall sales. Around 232,025 units were of Model 3/Y as per the announcement released by Tesla.
The competition
While Tesla is beating the analysts’ prediction, traditional automakers like General Motors are showing a decline in their sales. The chip shortage and other supply chain pressure have impacted the industry more than expected.
For Tesla, the total production rose by 15% from Q2 2021 sales. Tesla’s Giga Shanghai plays a crucial role in a large number of sales. Since the second quarter, Tesla China has been importing many cars to different countries all over Asia and Europe. A portfolio manager at Future Fund and a Tesla bull, Gary Black stated that Tesla sales in China set a record, which made the increase in overall sales possible. These sales were “putting to rest any notion China demand is slowing.”
Wedbush analyst Ives predicted that the chip shortage would knock out at least 40,000 vehicles from this quarter. He wrote, “In a nutshell, with chip shortage headwinds, China demand still recovering from earlier this year, and EV competition coming from all angles, Tesla’s ability to navigate these challenges this quarter has been very impressive.”
Additionally, as the company is also selling its driver-assist features on a monthly subscription, the overall income of the company is predicted to increase. Still, it may or may not be possible that Tesla continues to break records in the fourth quarter too. However, many Tesla Bulls continue to predict high estimates for the final quarter this year.
