Tesla’s production and delivery figures fell during the third quarter, in part due to planned factory shutdowns, and falling short of expectations from analysts. Nevertheless, Tesla remains confident that it can finish the year having built around 1.8 million vehicles.
In the third quarter, Tesla produced a total of 430,488 vehicles and delivered 435,059 units. Of those vehicles produced, the Model 3 and Model Y accounted for 416,800 while the remaining 13,688 were Model S and Model Xs. The Model 3 and Model Y also made up the vast majority of new Tesla vehicles delivered last quarter with 419,074 examples finding new homes compared to the 15,985 Model S and Model Xs sold.
While Tesla’s delivery figures are up 27% from the same period last year, the carmaker sold more vehicles in the second quarter. The company delivered 466,140 vehicles in the second quarter and produced 479,700 vehicles. Many analysts had expected Tesla to deliver between 455,000 and 461,000 vehicles in Q3, Investor’s Business Daily reports.
News of the lower-than-expected production and delivery figures triggered a 3% fall in Tesla’s share price, although shares did quickly rebound to end the day higher.
Read: Tesla Delivered A Record 466,140 Vehicles Last Quarter Or Up 83% Year-On-Year
“While Tesla remains a dominant force in the US EV market for 2023, there is an increasing demand for a wider range of EV options to satisfy the growing consumer interest in electric vehicles,” Canalys Research analyst Ashwin Amberkar told Yahoo! Finance.
Tesla made a host of price cuts in the United States last quarter, slashing prices of the Model S and Model X by as much as 21%. The car manufacturer also increased discounts on the Model 3 and Model Y in the U.S. and slashed prices of the Model Y in China.
