Tesla has rebounded from a slower second quarter, during which it saw a drop in the number of cars delivered to customers due to factory shutdowns related to the coronavirus pandemic, and has now reported a record number of cars delivered. The US carmaker, led by Elon Musk, delivered 343,830 cars to owners in the third quarter of this year and increased sales by 35 per cent compared to the second quarter.
Tesla traditionally reports manufacturing results a few days before the financial ones, which most stock analysts are usually curious about. So the third-quarter financial numbers for this year will come out on October 19, and production data shows that the completed quarter will be noticeably better for the company than the previous one.
Over the past three months, Tesla was expected to deliver roughly 325,158 Model 3 and Model Y cars, with the number of flagship (and thus more expensive) Model S and Model X cars coming in at 18,672 units. By comparison, the company produced 258,000 cars in the second quarter and delivered over 254,000 to customers.
However, with 343,830 EVs delivered, Tesla did not beat analysts’ expectations, who, according to a Refinitiv survey, estimated that the automaker would be able to ship over 359,000 of them. However, Elon Musk’s company warns that it is facing increasing logistical challenges as production continues to grow.
Elon Musk previously expressed concern about the global economy but struck a more optimistic tone at the shareholder meeting in August.
“I think inflation is going to drop rapidly,” Elon Musk said, noting that because Tesla has to buy supplies months out, it can see where prices are headed. “The interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla—not all but more than half—the prices are trending down in six months.”
Tesla’s long-term goal is to increase deliveries to customers by an average of 50 percent per year. To reach that goal this year, the automaker needs to deliver roughly 495,000 vehicles to customers in the fourth quarter, according to The Wall Street Journal.