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Tesla delivers record 343,000 cars in Q3, still short of expectations

Elon Musk led Tesla to its highest quarterly delivery figure, but it still fell short of expectations from Wall Street investors and financial analysts.

Tesla delivers record 343,000 cars in Q3, still short of expectations
Published Oct 3, 2022 3:12 AM CDT   |   Updated Tue, Oct 25 2022 9:10 PM CDT
1 minute & 28 seconds read time

Electric car maker Tesla produced more than 365,000 vehicles and delivered over 343,000 vehicles during its fiscal Q3. Financial Wall Street analysts expected the company to deliver more than 364,000 vehicles throughout the quarter, though still had better year-over-year success.

Tesla delivers record 343,000 cars in Q3, still short of expectations 05

Tesla doesn't offer public sales reports - or vehicle production or delivery breakdowns by region - so delivery rates are the most accurate way to predict overall sales health.

The leading electric automaker noted that delivery volumes tend to peak towards the end of each quarter because of "regional batch" manufacturing of its vehicles. Due to this surge, it's more difficult for low-cost transportation capacity, so the company had to change its strategy, which Tesla noted:

"In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination."

Full production and delivery numbers:

Tesla delivers record 343,000 cars in Q3, still short of expectations 07

Tesla will disclose full Q3 2022 financial results later this month, scheduled for after market close on Wednesday, October 19.

Here is what Daniel Ives, managing director and senior equity analyst at Wedbush Securities, said in a statement published by CNN:

"While Tesla had delivery challenges in the quarter, this is clearly a soft number that the Street will fret about it. Given the macro environment, a disappointing delivery number from Tesla will be a near-term step back for the bull story with a lot riding on 4Q deliveries."

It has been a rather tumultuous spring and summer for Tesla, with the automaker overcoming multiple hurdles.

Tesla partially suspended its Shanghai manufacturing factory in July, though it was back to full capacity in August. Commodity prices also soared during Q3, along with facility growing pains, and surprising executive turnover that had to be overcome. In addition, the company's return to its Fremont office and facility following Covid-19 pandemic restrictions led to overcrowded offices, lack of WiFI, and other logistical problems.

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NEWS SOURCES:ir.tesla.com, cnn.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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