Latest Breaking News & Top Headlines

Tesla reports record quarterly deliveries amid chip scarcity


Even as more established automakers reported sales slowing due to supply restrictions, Tesla said on Saturday it achieved a healthy increase in global deliveries of its electric cars in the third quarter.

The company said: it delivered 241,300 vehicles in the three-month period, the highest quarterly total to date. It was a 20 percent increase from the second quarter and 73 percent higher than the total in the third quarter of last year.

Tesla does not divide its deliveries by country. Much of the recent growth is due to sales in Europe and China.

On Friday, major automakers, including General Motors and Toyota, said they had suffered recent declines in US sales due to a global semiconductor shortage, as the disruptions from the pandemic have led to plant closures and freight bottlenecks.

In its brief announcement on Saturday, Tesla hinted that it was not unscathed by those issues. “We would like to thank our customers for their patience as we work on global supply chain and logistics challenges,” the company said.

When the company announced its second-quarter results in July, CEO Elon Musk said it had made up for the shortfall by switching to chips that were more readily available and writing new instructions to be embedded in the chips, aka. called firmware. But he also said Tesla had to shut down some production due to a lack of parts.

Tesla said its third quarter delivery figures, the best indicator of its sales, were a first count that “should be considered somewhat conservative.”

The company said it produced 237,823 vehicles in the quarter, of which 228,882 were either the Model 3 or the wider version, the Model Y. It made 8,941 of its most profitable vehicles, the Model S luxury sedan and Model X sport utility vehicle. slightly more than half of the total in the period a year ago.

Production of the Model S and Model X was halted for a while this year as Tesla prepared its factory in Fremont, California, to build updated versions.

Although widely sold by more established companies, Tesla is the most valued automaker in the world, with a market cap of over $770 billion. But it faces new competition as electric vehicles move from a niche to the mainstream.

Rivian, a US electric truck maker with more than $10 billion in investments from Amazon, Ford Motor and several Wall Street companies, filed documents Friday with the Securities and Exchange Commission ahead of an IPO.

And Lucid Motors, led by a former Tesla executive, Peter Rawlinson, has said it will soon deliver a luxury sedan that can travel up to 520 miles on a single charge of its battery pack, about 160 miles further than the largest Tesla. range. fashion model.

Leave A Reply

Your email address will not be published.