Tesla is reorganizing its production to facilitate deliveries
What happened? With Covid-related restrictions heavily in the rearview mirror, Tesla could boost production and deliveries in the third quarter. In the three months ending September 30, the electric car maker produced 365,923 vehicles, up 54% from the 237,823 units that rolled off the assembly line in the same period a year ago.
Deliveries, meanwhile, were up 42% year-on-year, from 241,300 models to 343,830 models. This is a new quarterly record for electric car manufacturers, although it fell short of analysts’ expectations.
Refinitiv analysts expected 359,162 deliveries and those with Street Accounts expected 364,660 deliveries. Breaking down the front, the Model 3 and Model Y vehicles took the lion’s share of production and deliveries – 345,988 and 325,158, respectively.
A total of 19,935 Model S and Model X vehicles represented the remaining production capacity, and 18,672 of those models were delivered to customers within three months.
Tesla has recently outlined changes that aim to make the delivery process smoother. Traditionally, delivery volume is rotated at the end of each quarter, but as production volume continues to grow, it becomes increasingly difficult to maintain vehicle delivery capacity at a reasonable cost. during these fast times.
In the third quarter, Tesla began to move and even the mix of cars every week is building up in the hope of reducing the travel restrictions at the end of each quarter.
Tesla shares are down 6.55% at $247.88 in the market at the time of writing on the news. The electric car maker saw a sharp decline in sales last quarter due to Covid-related shutdowns in China and supply issues.
For the three months ending June 30, Tesla had just 254,695 vehicles. In August, CEO Elon Musk said that the company has produced more than three million cars to date, the third coming directly from its Shanghai factory in China.
Tesla is expected to share third quarter financial results after the market closes on October 19, 2022.
Read Also: Chicago Drives Electric shifts car buyers into a new (quieter) lane with more EV options
