Wednesday, October 20, 2021

Tesla reports higher-than-expected Q3 sales

PALO ALTO, Calif. (AP) — Tesla says it delivered 241,300 electric vehicles in the third quarter, even as it wrestled with a global shortage of computer chips that has plagued the entire auto industry.

In Palo Alto, Calif., the company’s sales from July to September surpassed Wall Street’s estimate of 227,000 sales worldwide, according to data provider FactSet.

Third-quarter sales rose 72% compared to Tesla’s 140,000 deliveries for the same period a year ago.

So far this year, Tesla has sold about 627,300 vehicles. This picks up the pace to well beat last year’s total of 499,550.

Wedbush analyst Daniel Ives wrote in a note to investors that the pace of deliveries of electric vehicles in the US and China has accelerated over the past month or so. That means “an eye-popping growth trajectory in 4Q and 2022 for (CEO Elon) Musk & Co.”

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Still, Ives estimated that the chip shortage would knock 40,000 vehicles off Tesla’s annual delivery numbers. He estimates that deliveries will be of at least 865,000 vehicles, with a bull case of around 900,000.

“In short, with chip shortage headwinds, China demand still recovering from the start of this year, and EV competition coming from all angles, Tesla’s ability to navigate these challenges this quarter has been very impressive.” is,” he wrote.

In the third quarter, the smaller Model 3 sedans and Y SUVs led the way with 232,025 sales, followed by the larger Model S and X at 9,275. Tesla said it produced 237,823 vehicles for the quarter.

Nation World News Desk
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