Tesla has recently released its third-quarter production and delivery report for 2023, showcasing significant figures in the electric vehicle industry.
- Total deliveries in Q3 2023: 435,059
- Total production in Q3 2023: 430,488
These numbers reveal a decrease compared to the previous quarter, where Tesla reported 466,140 deliveries and 479,700 vehicle production. In the same period of 2022, Tesla recorded 365,923 vehicle production and 343,830 deliveries.
The decline in production and deliveries in Q3 2023 was anticipated, as Tesla had communicated during its second-quarter earnings call that there would be a sequential decrease due to planned factory shutdowns. Despite this, Tesla remains committed to its 2023 volume target of approximately 1.8 million vehicles.
In response to this report, Tesla’s stock prices experienced minimal fluctuations, closing nearly flat at $251.60 on Monday.
Elon Musk, CEO of Tesla, had previously cautioned that production in the third quarter might decline slightly due to summer shutdowns for factory upgrades, although the company aimed to achieve its target of 1.8 million vehicle deliveries for the year.
Tesla has not yet disclosed production or delivery figures for its Semi, a class 8 electric truck, though it has delivered some units to early customers like PepsiCo, who are utilizing these fully electric trucks for select deliveries.
On Wall Street, analysts’ consensus estimated Tesla’s deliveries for the period ending September 30 at 461,640 vehicles, according to StreetAccount. An independent Tesla researcher, known as Troy Teslike on social media, expected deliveries of 441,000 vehicles.
Tesla classifies its deliveries into two categories: Model S and X vehicles, and Model 3 and Y vehicles. However, it does not provide detailed breakdowns by individual models or regions. Deliveries are considered the closest approximation to the number of vehicles sold by the company.
During the third quarter, Tesla reduced prices on its inventory vehicles and existing models, prompting other competitors to adjust their pricing strategies to remain competitive.
Additionally, Tesla introduced a refreshed version of its Model 3 sedan, named the “Highland,” featuring updated exterior and interior elements. This enhanced Model 3 includes touchscreen displays for rear-seat passengers, ventilated seats, and is available with a long-range battery option, providing approximately 390 miles (629 km) per charge.
In August, Zachary Kirkhorn stepped down as CFO, with Chief Accounting Officer Vaibhav Taneja taking on both roles. Tesla’s upcoming earnings call will be the first with Taneja in the CFO position.