Tesla’s third-quarter deliveries fell below expectations, declining by 6% compared to the previous quarter. The company attributed the drop to planned factory upgrades and downtimes. Tesla delivered 15,985 Model S/X vehicles and 419,074 Model 3/Y vehicles in Q3, while reaffirming its target of approximately 1.8 million vehicles for 2023. Despite the disappointing delivery numbers, Tesla’s stock rose by 1% in market action.
Analyst predictions for deliveries in the third quarter varied, with an average consensus of around 461,000. However, Tesla’s temporary shutdowns and slower output contributed to the lower-than-expected numbers. The company aimed to reduce its inventory and focused on manufacturing upgrades for the Model 3 in China and the upcoming Cybertruck. While some analysts expressed optimism for a strong recovery in the fourth quarter with the expected launch of the Cybertruck, others had a more pessimistic outlook, predicting limited volume growth and a decrease in earnings per share in the coming years.
In the second quarter, Tesla reported record global deliveries, exceeding expectations due to price cuts, tax credits, and discounts. The company delivered over 430,000 vehicles during that period, and its CEO, Elon Musk, set a target of 1.8 million deliveries for 2023. The stock’s performance has been mixed, with some analysts optimistic about its future growth potential while others are more cautious.
