Last Updated on 22/11/2021 by Sanskriti
Tesla announced on Saturday that it delivered a record number of electric vehicles in the third quarter, exceeding Wall Street expectations after CEO Elon Musk instructed employees to “go super hardcore” to meet a quarter-end delivery deadline.
In the July to September quarter, Tesla shipped 241,300 vehicles worldwide, increasing 73 percent from the previous year. According to Refinitiv data, analysts anticipated the electric car company to deliver 229,242 cars.
Tesla has fared better than its competitors in the chip issue, with overall deliveries up 20% from the previous record set in the second quarter, marking the sixth straight quarter-on-quarter increase.
Analysts say that increased exports to Europe and the launch of a less expensive Model Y helped Tesla increase manufacturing in China.
Musk stated Tesla faced an unusually acute parts shortage early in the third quarter and pushed staff to make a quarter-end delivery push, citing an internal corporate email.
“The end-of-quarter delivery wave is unusually high this time,” his email read.
Due to chip shortage, some of the big rival companies like Honda General motors announced a drop in sales. GM’s US sales plummeted over 33% in the third quarter, to their lowest level in over a decade.
Tesla said it delivered 232,025 Model 3 small cars and Model Y sport-utility vehicles to customers in the first quarter, as well as 9,275 of its premium Model S and Model X vehicles.
In the third quarter, total output increased by almost 15% to 237,823 cars, compared to the previous quarter.
Tesla’s deliveries were boosted by record deliveries in China, which “put to rest any notion China demand is decreasing,” said Gary Black, portfolio manager of the Future Fund and a Tesla bull.
Tesla is facing increased rivalry from local rivals as well as scrutiny from authorities and the general public.
Tesla has yet to announce sales figures for September in China, although its Shanghai plant sold more than two-thirds of its vehicles to Europe and Asia in August.