Tesla increases production and deliveries again
Specifically, Tesla built 469,796 cars in the third quarter and delivered 462,890 to customers. That is an increase of 14.3 per cent in production and 4.3 per cent in deliveries. However, deliveries in the second quarter were distorted by a one-off effect: In the first quarter, Tesla had still built 46,500 more vehicles than could be delivered by the end of the quarter – this ‘overhang’ was thus only included in the delivery statistics in Q2. in the third quarter, the situation has returned to normal, with production once again exceeding deliveries by several thousand units.
The current quarterly result also means that Tesla outperformed the production and delivery figures from Q3 2023. At that time, Tesla had produced 430,488 electric cars and delivered 435,059 units. However, it should also be mentioned that the third quarter of the previous year was the beginning of Tesla’s temporary slowdown. The trend is now pointing upwards again.
Nevertheless, analysts’ expectations were not fully met. Reuters had reported in advance that Wall Street estimates were assuming an average increase in deliveries of eight per cent. The reason given for the (expected) growth was “extended incentives and lucrative financing plans in the world’s largest auto market, China.” It is not known whether the development in China is responsible for the actual increase in deliveries of 4.3 per cent.
In fact, Tesla’s announcement consists of just one sentence (“In the third quarter, we produced approximately 470,000 vehicles, delivered approximately 463,000 vehicles and deployed 6.9 GWh of energy storage products”), a small table and a date for the upcoming Q3 financial results, which the carmaker will make public Wednesday 23 October.
All that remains is to look at the aforementioned table. Most of the growth in production and deliveries was (as expected) attributable to the Model 3 and Model Y. Tesla manufactured 443,668 units total of the two models in Q3 and delivered 439,975 – significantly more than in Q2. There was also a slight increase in “other models,” with Tesla reporting 26,128 vehicles built and 22,915 delivered. As the category “other models” includes the Model S, Model X, the two new Cybertruck series, and the Semi electric truck, the growth compared to Q2 (production +1,873 vehicles, deliveries +1,364 vehicles) is rather low.
On the other hand, there was a downward trend in energy storage products: Tesla built up 6.9 GWh here in the third quarter, compared to 9.4 GWh in Q2. However, this business is more cyclical and fluctuates more strongly between the individual quarters than the car division. Tesla will only provide details in the Q3 annual report.
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