Tesla said on Saturday it delivered a record electric cars in the third quarter, beating Wall Street’s projections after Chief Executive Elon Musk called on employees to go “super hardcore” to create a quarter-end delivery push.
Tesla has weathered the chip crisis better than rivals, with its total deliveries rising 20 percent in the July-September period, a sixth consecutive quarter-over-quarter gain from its previous record in the second quarter. .
In China, rising exports to Europe and the introduction of a cheaper Model Y helped boost Tesla’s production, analysts said.
Musk said Tesla had already faced very severe parts shortages in the third quarter and urged employees to push quarter-end deliveries, Reuters reported last month, citing an internal company email .
“The end of the quarter delivery wave is unusually high this time around,” he said in the email.
Tesla delivered 241,300 vehicles globally in the July-September quarter, up 73 percent from a year ago. According to Refinitiv data, analysts had expected deliveries of 229,242 vehicles from the electric-car maker.
General Motors, Honda and some of its bigger rivals reported declines in U.S. sales in the third quarter, driven by prolonged chip shortages. GM’s third-quarter US sales fell nearly 33 percent to their lowest level in more than a decade.
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 in the quarter.
Total production in the third quarter grew 15 percent from the previous quarter to 237,823 vehicles.
Future Fund’s portfolio manager and Tesla Bull’s Gary Black said Tesla’s deliveries were driven by record deliveries in China, which “is slowing China demand to quell any assumptions.”
Tesla faces scrutiny from both regulators and the public, and increasing competition from local rivals.
Tesla has yet to release its September China sales, and in August, its Shanghai factory exported more than two-thirds of its vehicles to Europe and Asian countries.
© Thomson Reuters 2021