Tesla Inc (NASDAQ: TSLA) opened 4.0% up in the stock market this morning on better-than-expected vehicle deliveries in the third quarter. The stock, however, relinquished the entire gain later in the day.
94% of the vehicles delivered were Model 3 and Y
Tesla delivered 241,300 vehicles in Q3 versus a maximum of 227,000 deliveries expected. Its Model 3 and Model Y electric vehicles made up 94% of the deliveries in the recent quarter.
The EV maker’s better-than-expected Q3 deliveries also represent a sequential increase from 201,250 vehicles it delivered in the second quarter. Tesla produced 237,823 vehicles in Q3 versus the prior quarter’s 206,421. In its press release, the company said:
Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5%.
The report comes only days after billionaire investor Cathie Wood trimmed her position in Tesla Inc.
Consensus for Tesla’s full-year deliveries
The consensus for Tesla’s full-year deliveries continues to go north, standing now at 883,000 vehicles versus 860,000 vehicles expected only weeks ago.
This could partially be attributed to the fact that the leading U.S. electric manufacturer has so far weathered the supply chain constraints better than its peers, despite CEO Elon Musk’s warnings that the ongoing chip shortage was likely to hit sales in Q3.
Also on Monday, Ford Motor said its U.S. sales noted a significant decline in September, but EV sales were up nearly 92% on a year-over-year basis.
The post Tesla delivered this many vehicles amidst the chip shortage in Q3 appeared first on Invezz.
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