Home Internet Tesla reports stronger-than-expected Q3 sales

Tesla reports stronger-than-expected Q3 sales

by geiw5

PALO ALTO, Calif. — Tesla says it delivered 241,300 electric vehicles in the third quarter even as it wrestled with a global shortage of computer chips that have hit the entire auto industry. According to data provider FactSet, the Palo Alto, California, company’s sales from July through September beat Wall Street estimates of 227,000 sales worldwide.

Third-quarter sales rose 72% over the 140,000 deliveries Tesla made for the same period a year ago.

So far this year, Tesla has sold around 627,300 vehicles. That puts it on pace to soundly beat last year’s total of 499,550. Wedbush analyst Daniel Ives wrote to investors that the rate of electric vehicle deliveries in the U.S.

China has been assertive for the past month or so. That means an “eye-popping growth trajectory heading into 4Q and 2022 for (CEO Elon) Musk & Co. Still, Ives estimated that the chip shortage will knock 40,000 vehicles from Tesla’s annual delivery number. He estimates the deliveries to be at least 865,000 vehicles.

With a bull case of around 900,000. In a nutshell, with chip shortage headwinds, China demand still recovering from earlier this year, and EV competition coming from all angles, Tesla’s ability to navigate these challenges this quarter has been awe-inspiring,” he wrote. In the third quarter, the smaller Model 3 sedan and Y SUV led the way with 232,025 sales, followed by the larger Models S and X at 9,275. Tesla said it produced 237,823 vehicles for the quarter.

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