Science & Technology

Tesla record vehicle deliveries missed Wall Street forecasts

Although Tesla delivered a record number of vehicles in Q3 2022, the company still didn’t match Wall Street’s expectations

Tesla deliveries

Tesla’s record vehicle deliveries missed Wall Street forecasts. Source: shutterstock.com

Tesla reported Sunday it delivered 343,830 vehicles in the third quarter. This new record was a turnaround from the second quarter when a shutdown of its China factory and other challenges affected the number of vehicle deliveries. 

Tesla’s vehicle deliveries in the Q2 2022 amounted to just over 254,700 units. Quarterly deliveries dropped by almost 18%, compared with over 310,000 units in the first quarter of 2022. 

However, the rebound didn’t meet Wall Street forecasts of 358,000 – 371,000 vehicles. Besides, the gap between production and delivery numbers was larger than usual. The company produced 365,923 vehicles in the third quarter.

Earlier this year, Elon Musk mentioned that Tesla would try to move away from its operating model that results in large pushes for deliveries at the end of quarters. Since customer experience suffers from the long wait time, Tesla even stopped taking orders for popular vehicle versions. 

“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks. 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."
Tesla

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.