Tesla delivered 435,059 vehicles in the third quarter, a result that missed Wall Street expectations and was nearly 7% lower than the previous quarter. Tesla said planned downtimes at its factories led to lower production and delivery numbers.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged,” the company said in its announcement.
CEO Elon Musk had warned during the company’s second-quarter earnings call that production and delivery numbers would be lower due to the upgrades. Musk said, at the time, that the company was still targeting 1.8 million deliveries in 2023 — a target the company reiterated Monday. Tesla has delivered 1.32 million vehicles so far this year, leaving a 480,000 sales hole to fill.
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The lower-than-expected results come after a record second quarter when Tesla produced 479,000 and delivered 466,140 vehicles. The automaker’s third quarter numbers are still show growth from a year ago when it produced 365,923 and delivered 343,830 vehicles.
Tesla also said it will hold its third-quarter earnings call after market closes October 18.
Tesla delivered 435,059 vehicles in the third quarter, which fell short of Wall Street expectations and was nearly 7% lower than the previous quarter. The company attributed the decline in volumes to planned downtimes at its factories for upgrades. Despite the lower numbers, Tesla maintained its target of delivering around 1.8 million vehicles in 2023. CEO Elon Musk had previously warned about the lower production and delivery numbers during the second-quarter earnings call. Tesla has delivered 1.32 million vehicles so far this year, leaving a sales gap of 480,000 to reach its target. The company’s shares fell about 2% in early morning trading but have since recovered to be down less than 1%. Tesla will hold its third-quarter earnings call on October 18.