Tesla deliveries for the third quarter of the year fell short of analysts’ expectations but remain significantly higher than Q3 2021.
In the third quarter of 2022, the electric car manufacturer built a total of 365,923 vehicles and delivered 343,830 to customers. Of the vehicles produced, 19,935 were the Model S and Model X while the remaining 345,988 were the Model 3 and Model Y. As for deliveries, 18,672 Model S and Model Xs reached the hands of customers while the keys were handed over to 325,158 Model 3 and Model Y buyers around the world.
To put these figures into perspective, Tesla produced 237,823 vehicles in the third quarter of 2021 and delivered 241,300.
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Tesla says it struggled to secure enough vehicle transportation capacity throughout Q2 2022, impacting its numbers.
Production and deliveries aren’t the only thing that Tesla needs to be worried about. The automaker has increased its prices repeatedly over the past year and analysts believe that higher borrowing costs and dull economic growth outlooks could further impact it.
“While Tesla continues to point to supply constraints as limiting deliveries, the potential for demand destruction looms large,” JP Morgan analyst Ryan Brinkman told Reuters in a recent interview.
Tesla wants to grow its deliveries by 50 per cent annually and to do so, it will need to deliver more than 450,000 vehicles in the fourth quarter.
“The broader concern is more so than just them missing their deliveries, probably just more the going concern for all these smaller upstart EV… That might put us behind the curve in terms of where EV production goes,” added GuideStone Capital Management’s Brandon Pizzurro.
The automaker will post its financial results for the third quarter of 2022 on October 19.
