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Lanon Wee

Tesla Delivers 435,059 Vehicles and Produces 430,488 in Third Quarter

Tesla recently announced their third-quarter vehicle production and deliveries for 2023. During their second-quarter earning call, executives cautioned that there would be a decrease in production because of a few planned ceased operations. Analysts with StreetAccount were anticipating Tesla deliveries to reach 461,640 by September 30th.Tesla released its third-quarter vehicle production and delivery report on Monday. It showed total deliveries to be 435,059 and total production to be 430,488 for the period ending September 30th. This is a decline from the previous quarter's 466,140 deliveries and 479,700 vehicles produced. In comparison, the same period in 2022 saw production of 365,923 and deliveries of 343,830. The company attributed the drop to planned factory upgrades as had been previously stated on its earnings call. Its 2023 volume target of 1.8 million vehicles, however, remains unchanged.Shares of Tesla were up 1% on Monday. Estimates of deliveries from Wall Street analysts, as well as independent researcher Troy Teslike, showed the consensus to be between 455,000 and 461,640 vehicles. Martin Viecha, Tesla's Head of Investor Relations, also sent out a company-compiled consensus to investors which showed a median estimate of 453,128 deliveries.Tesla also released a revamped Model 3, the "Highland", with updated exterior and interior features. It is available with a long-range battery option offering up to 390 miles, or 629 km, of charge. In August, Zachary Kirkhorn announced that he was relinquishing his role as CFO, and Chief Accounting Officer Vaibhav Taneja took over both roles. The upcoming earnings call will be the first with Taneja as CFO.

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