Tesla Delivers Record 97,000 Cars

Electric vehicle maker Tesla released their delivery and production numbers for the third quarter.

The company makes the following vehicles:

• Tesla Roadster
• Tesla Model S
• Tesla Model X
• Tesla Model 3

Image by SAUD AL-OLAYAN

Elon Musk Tesla

Elon Musk sent out an internal email stating that the company had a chance to hit 100,000 deliveries. It was reported with a day left in the quarter that they would fall a few thousand cars short of the goal.

The CEO of Tesla always sets a high bar for the world's leading electric vehicle manufacturer. Each quarter it seeks to set a new record for deliveries.

According to the company press release, 97,000 cars were delivered in the quarter with 96,155 produced. There were 79,400 Model 3 deliveries along with 17,400 Model S/X.

In the third quarter, we achieved record production of 96,155 vehicles and record deliveries of approximately 97,000 vehicles.

In addition, we achieved record net orders in Q3 and are entering Q4 with an increase in our order backlog. As was also the case in Q2, nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand. We are continuing to focus on increasing production to meet that demand

Source

Tesla Gigafactory

The corporation is one of the leading manufacturers through the introduction of the Gigafactory.

So far there is:

• Giga Nevada
• Giga Shanghai
• Fremont

The manufacturing process allows Tesla to produce the Model 3 in volumes that keep it rising in the luxury automobile rankings. It is not only dominating in EVs in this segment but gaining on legacy auto also.

Musk made the gigafactory the central premise of his manufacturing strategy. He feels is provides the best chance to scale.

Q3 Revenues And Profits

Whether the delivery numbers translate into profits for the quarter or not will be revealed later in the quarter when the company reports.

Musk keeps promising profitability, something Wall Street seems unconcerned with. No matter what the losses, each time he turns to the market for money, he gets what he needs.

On another front, the company is reported to be starting production in their China facility in a couple weeks. This will allow Tesla to insult itself from the trade war taking place between the United States and China.

The goal is to ramp up production to 3,000 cars per week by the end of the year. This might be a target that is missed. Nevertheless, the production will help Tesla's numbers going forward. It appears that the main problem is production, not demand, at least with the Model 3.

In spite of the stock price being down after hours, it was a good quarter for the electric vehicle maker.

Update:

The deliveries in Q2 2023, the latest, were 460,000. In the first quarter of this year, the Model Y was the best selling automobile in the world, outselling every electric and ICE vehicle.

Tesla is has the fastest growth rate in the automotive industry. It is now looking to scale its energy division along with its foray into artificial intelligence.

About Tesla

Tesla, Inc. is an American multinational corporation that designs, manufactures, and sells electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. It is the world's best-selling manufacturer of fully electric cars and plug-in electric vehicles. Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning, and named after Serbian-American inventor Nikola Tesla. Elon Musk became chairman and product architect in 2004. Tesla's mission is to accelerate the world's transition to sustainable energy.

---

What is Hive

Posted Using InLeo Alpha