American car manufacturer, Tesla Inc on Sunday published quarterly report of the deliveries made by the auto company in third quarter of the current financial year. Even though the number of production and delivery of Tesla cars witnessed a massive jump when compared to previous year, the numbers were posted below the expectations of analysts and the market.
The newly published report states that Tesla Inc produced more than 365000 vehicles in the third quarter and also delivered 343000 units of automobile. The number of Tesla units which got delivered were lesser than the expectations of Wall Street as analysts had earlier forecasted 371,000 deliveries in the third quarter.
During the second quarter of the current financial year, production, and delivery of Tesla cars had gone down drastically due to continuous shutdown of production operations in the Chinese factories of the international automobile company. Factories of Tesla Motors in China has been facing issues with COVID-19 pandemic for past many months.
Statistics from the second quarter shows that Tesla was only able to produce 259,000 vehicles and deliver 255,000 units.
The increasing gap between production and delivery of vehicles are showing the high amount of production which offshoots the total demand for Tesla cars. While the gap between production and delivery in second quarter were 4000 vehicles, the number increased to more than 20000 in the third quarter.
According to Tesla company, the increasing gap between numbers of production and deliveries are due to the issues with logistics and supply chain of vehicles towards the end of third quarter. The company said in a statement that the increasing number of production of vehicles made it more challenging to secure transportation for the vehicles at a reasonable cost. “In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter” the company added in its statement.
On Sunday, chief executive officer of Tesla Motors, Elon Musk wrote on Twitter that he was hoping the company to achieve steadier deliveries in the current quarter. Analysts are of the opinion that the recent report by Tesla regarding deliveries and production of cars show issues with the delivery mechanism of the company which is of a temporary nature.
Despite having increased number of production and delivery of units by Tesla in the third quarter, the automobile giant will have to boost the production and sale of the cars in order to achieve the annual revenue estimates of the business entity.
Reports suggests that the electric vehicle manufacturer is planning to release third quarter earnings report on October 19th 2022.
