Tesla deliveries dip year on year but beat analysts’ forecasts
Tesla delivered 486,532 vehicles in the third quarter, down 2.1 per cent from a year earlier, when buyers rushed to use a federal electric vehicle tax credit before it expired. Deliveries fell short of last year’s level but exceeded analysts’ expectations, offering some support for the view that the company’s recovery is continuing.
Tesla produced 464,391 vehicles from July to September, including 457,387 Model 3 and Model Y cars. It delivered 481,166 Model 3 and Model Y vehicles and 8,295 other vehicles, according to the figures provided; those category totals do not add up to the reported total. Analysts had expected 461,974 deliveries. The results come as Tesla promotes its Cybercab and Semi, while facing setbacks including a delayed Roadster reveal and a federal investigation into the Cybercab launch.
- Tesla deliveries fell 2.1 per cent year on year.
- The 486,532 total exceeded analysts’ forecast of 461,974.
- Expiring US tax credits helped drive last year’s comparison.
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Tesla is the world's largest manufacturer of electric vehicles. Vehicle deliveries—the number of cars sold and handed over to customers—are closely tracked by investors and analysts as a key indicator of the company's commercial performance.
A federal electric vehicle tax credit prompted many American buyers to purchase electric cars before it expired, creating unusually high sales in the third quarter of the previous year. The year-on-year decline is therefore partly explained by this exceptional timing effect in the previous year's figures.
Financial analysts regularly forecast Tesla's quarterly sales based on industry trends and economic conditions. When actual results exceed these forecasts, it indicates stronger-than-expected performance and is significant for market confidence in the company.
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Originally published by The Verge as “Tesla’s recovery hits a speed bump”.