Tesla 3Q sales rise 27% but fall short of analysts' estimates due to price cuts and factory downtime
Tesla’s summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections as Elon Musk’s car company navigated through softening customer demand as well as factory upgrades
Tesla's summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections as Elon Musk's car company navigated through softening customer demand as well as factory upgrades.
The Austin, Texas, automaker sold 435,059 vehicle s during the July-to-September period, up from 343,830 at the same time last year. Analysts had predicted Tesla would sell about 461,000 vehicles during the latest quarter, according to FactSet Research.
As usual, Tesla's sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by rounds of price cutting that have eaten into the company's profit margins. The third-quarter sales also marked a step back from Tesla's 466,140 vehicle deliveries during the April-to-June period.
The company blamed the sequential sales decline on planned downtime to upgrade its factories.
Tesla said it made 430,488 vehicles in the latest quarter, slightly below the number it delivered.
The company will need a big finish to 2023 to realize CEO Musk's stated goal of increasing its sales by 50% annually. To hit that target, Tesla will have to sell 1.97 million vehicles this year. Through the first nine months of the year, Tesla has delivered just over 1.3 million vehicles. Analysts are anticipating Tesla will sell 1.84 million vehicles for the full year.
Tesla has been slashing prices most of this year to keep attracting buyers who now have a wider selection of electric vehicles as more automakers shift away from
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