Tesla vehicle deliveries hit new high in third quarter, beating analyst estimates By Reuters

Reuters

Tesla (NASDAQ 🙂 weathered the chip crisis better than its competitors, with overall shipments increasing 20% ​​between July and September from its previous second-quarter record, marking the sixth consecutive quarter-to-quarter gain. ‘other. .

In China, increased exports to Europe and the introduction of a cheaper Model Y have helped boost Tesla’s production, analysts say.

Musk said Tesla suffered from an extremely severe parts shortage at the start of the third quarter and urged employees to push deliveries to the end of the quarter, Reuters reported last month, citing an internal email from the business.

“The end-of-quarter delivery wave is unusually high this time around,” he said in the email.

Tesla delivered 241,300 vehicles worldwide between July and September, up 73% from the previous year. Analysts expected the electric car maker to deliver 229,242 vehicles, according to data from Refinitiv.

General Motors (NYSE :), Honda, and some of its biggest rivals saw lower sales in the United States in the third quarter, due to a prolonged shortage of chips. GM’s sales in the United States in the third quarter fell nearly 33% 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 during the quarter.

Total production in the third quarter increased by more than 15% to 237,823 vehicles compared to the previous quarter.

CHINA

Gary Black, portfolio manager at the Future Fund and a bull of Tesla, said Tesla deliveries were driven by record deliveries to China, which “put an end to any idea of ​​slowing Chinese demand.”

Tesla faces intense scrutiny from regulators and the public and growing competition from its local rivals.

Tesla has yet to release its September sales in China, and in August its Shanghai plant exported more than two-thirds of its vehicles to Europe and Asian countries.