Title: Tesla Reports Lower-than-Expected Deliveries in Q3; Aims to Reach Annual Target
Electric vehicle giant Tesla announced its third-quarter delivery figures and fell short of analyst expectations, reporting lower sales compared to the previous quarter. The company delivered just over 435,000 vehicles during this period, attributing the drop in production to factory downtime, which resulted in a sequential decline in deliveries.
Despite missing expectations, Tesla remains determined to achieve its annual target of delivering 1.8 million vehicles this year. In the third quarter, the company produced 13,688 Model S sedans and Model X SUVs, while manufacturing 416,800 Model 3 sedans and Model Y SUVs. Notably, the long-awaited semitruck, which began production last year, was not included in these delivery numbers.
Tesla CEO Elon Musk had forewarned of a slow quarter due to planned factory upgrades. It is currently uncertain whether these upgrades impacted the company’s operations in Austin, where Tesla is expanding Cybertruck production and already manufacturing some Model Y vehicles and batteries.
The Cybertruck, one of Tesla’s highly anticipated models, is expected to roll out later this year. However, the company missed Musk’s previous deadline, leading to uncertainty regarding a third-quarter launch event. Industry analysts anticipate that the release of the Cybertruck, along with the Model 3 refresh in China, will contribute to a robust finish for Tesla in the fourth quarter.
In addition to the delivery figures, Tesla also witnessed the departure of its Chief Financial Officer Zachary Kirkhorn. Kirkhorn will remain with the company until the end of the year.
Previously, Tesla had implemented price cuts on its popular vehicles. However, analysts believe that these price reductions are now a thing of the past, indicating a potential stabilization in Tesla’s pricing strategy.
As the year progresses, all eyes will remain on Tesla as the company strives to meet its ambitious delivery target and continues to innovate in the electric vehicle market.
