Tesla beats Q3 vehicle delivery expectations
Tesla Inc. reported delivering 435,059 vehicles in the third quarter, surpassing analysts' forecasts. The results highlight strong demand despite looming changes to federal EV incentives. Shares rose in premarket trading following the announcement.
Tesla Inc. announced its third-quarter vehicle delivery figures on October 2, 2023, revealing a total of 435,059 vehicles delivered worldwide. This number exceeded Wall Street expectations, which had projected around 422,000 units, according to FactSet data cited in the report.
Production for the quarter reached 430,488 vehicles, with deliveries of the popular Model 3 and Model Y models accounting for 409,265 units. The remaining 25,794 deliveries included higher-end models such as the Model S sedan, Model X SUV, and the recently launched Cybertruck pickup.
The strong performance comes amid uncertainty over the future of federal electric vehicle tax credits, which provide up to $7,500 per vehicle and are scheduled to phase out at the end of 2023 under current law. Analysts noted that while the credits have boosted sales, Tesla's results suggest robust underlying demand, potentially driven by price cuts implemented earlier in the year and growing market adoption of EVs.
'Tesla's delivery beat underscores the company's resilience in a competitive EV landscape,' said one analyst quoted in the coverage, pointing to the beat as a positive signal ahead of the earnings report scheduled for October 18. Tesla's stock climbed about 1.5% in premarket trading on the news, reflecting investor optimism.
This quarter's figures represent a sequential increase from the second quarter's 466,140 deliveries, though year-over-year comparisons show a slight dip due to production challenges earlier in 2023, including the ramp-up of the refreshed Model 3. The report provides context on Tesla's ongoing efforts to scale production at its factories in Texas, California, and Shanghai.