A worker unloads a new Tesla Model 3 from a truck at a dump in Seattle, Washington, US, Thursday, Aug. 22, 2024.
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Tesla posted its third quarter auto production and delivery report on Wednesday. Shares fell about 3.5% in premarket trading after the report.
Here are the key numbers:
Total deliveries Q3 2024: 462,890
Total production for Q3 2024: 469,796
Analysts had expected 463,310 deliveries in the period ending Sept. 30, according to estimates compiled by FactSet StreetAccount.
Deliveries were not disclosed in Tesla’s financial disclosures, but are the closest approximation of units sold reported by the company. It’s one of the most watched metrics on Wall Street.
Last year, Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and 410,831 vehicles produced.
Tesla is facing increasing competitive pressure, especially in China, from companies such as BYD and Geely, as well as a new generation of automakers, including Li Auto and Nio.
In the US, EV rivals love it Rivian are growing, while car manufacturers are dying Ford again General Motors they sell more electric cars after backtracking on ambitious electrification goals.
GM this week reported a nearly 60% increase in EV sales in the third quarter from last year. However, its electric business is very small compared to Tesla’s, with only 32,100 units sold in the latest period, accounting for 4.9% of the company’s total sales.
Ford plans to report results on Wednesday.
Tesla has not released a specific guidance for deliveries in 2024, but executives said they expect a lower rate of delivery growth this year compared to last despite the company adding a new vehicle, the angular stainless steel Cybertruck, to its lineup.
The company also said on Wednesday it released 6.9 GWh of energy storage products in the quarter.
Tesla shares rose 32% in the third quarter, erasing its losses for the year in the process. The stock is now up about 4% in 2024, trailing the Nasdaq, which has gained 19%.
Tesla’s brand has been under pressure in the US due to the antics of CEO Elon Musk, who, in addition to endorsing former President Donald Trump, has shared what the White House calls “racist hatred,” and false claims about immigration and elections. fraud on X, his social media program.
But Tesla still sells more battery-powered cars in the US than any other automaker, with Hyundai a distant second.
In its third-quarter earnings report later this month, investors will focus more on earnings.
Tesla has continued to offer attractive financing options and a series of incentives to improve sales in recent months in China and the US.
Musk has promised Tesla self-driving cars for years, but the company has yet to deliver. Meanwhile, competitors like Waymo and Pony.ai have started using robotic services.
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