Tesla Inc announced on Saturday that it delivered 241,300 electric vehicles in the third quarter, surpassing Wall Street expectations after CEO Elon Musk instructed employees to “go extra hardcore” to fulfil objectives.
According to a Bloomberg poll, the deliveries totaled 223,677. The most recent figures surpassed the company’s prior high of 201,250 automobiles in the second quarter.
In the third quarter, Tesla manufactured around 237,823 units.
Tesla said in a Nasdaq filing, “We would want to thank our customers for their patience while we work through the global supply chain and logistical difficulties.”
Tesla stated that when Q3 earnings are disclosed, net income and cash flow data would be announced alongside the rest of the financial performance.
Elon Musk, the CEO of Tesla, has lately pipped Amazon’s Jeff Bezos to reclaim the title of world’s richest person, according to the Bloomberg Billionaires Index, with a net worth of $213 billion.
Tesla’s stock has gained less than 10% this year, behind the wider S&P 500, which it joined last year. The EV market leader’s stock finished Friday unchanged at $775.22.
Tesla’s main markets are the United States and China, with the Model 3 and Y accounting for the majority of sales. It now produces the Model S, X, 3, and Y in Fremont, California, as well as the Model 3 and Y in Shanghai. New factories are being built in Austin, Texas, and Berlin, Germany.
“Our delivery count should be considered cautious since we only classify a car as delivered after it has been handed to the client and all documentation has been completed correctly. The final figures might differ by up to 0.5 percent or more, according to the firm.
Tesla does not publish sales or production figures from China vs the United States, nor does it break down delivery numbers by model. (Deliveries are the closest estimate of car sales for the firm.)
During the quarter, Tesla’s customers were subjected to a slew of unanticipated delivery delays. The business acknowledged the delays in a statement released on Saturday, blaming them on “global supply chain and logistics issues,” and thanking consumers for their patience.
Austin, Texas issued a news release reporting the production and delivery report. Tesla’s headquarters are still listed as being in Palo Alto, California, on the firm’s website, although Elon Musk moved to Texas last year and the business is building a new plant in the Austin region.
On October 7, Tesla will conduct its annual shareholder meeting at its factory in Austin, which is currently under construction.
In a report dated September 27, Piper Sandler senior research analyst Alexander Potter, a bull with a $1,200 price objective for Tesla shares, wrote:
“Tesla’s market share in the battery electric vehicle (BEV) industry will almost definitely decline, as many of its competitors have yet to begin selling BEVs. However, we fully anticipate Tesla’s market share to continue to rise, and we emphasise that falling BEV market share should not be seen as a pessimistic indicator… After all, Tesla is competing against a wide range of automobiles, not only electric ones.”