Tesla Reports Higher Than Expectations in Third Quarter Sales | Business and finance

PALO ALTO, Calif. (AP) – Tesla said it delivered 241,300 electric vehicles in the third quarter even as it grappled with a global shortage of computer chips that hit the entire auto industry.

The company’s sales in Palo Alto, Calif., From July through September exceeded Wall Street estimates of 227,000 worldwide sales, according to data provider FactSet.

Third-quarter sales were up 72% from 140,000 deliveries made by Tesla for the same period a year ago.

So far this year, Tesla has sold around 627,300 vehicles. This allows him to solidly beat last year’s total of 499,550.

Wedbush analyst Daniel Ives wrote in a note to investors that the pace of electric vehicle deliveries in the United States and China has been strong for about a month. This means a “breathtaking growth trajectory heading into Q4 and 2022 for (CEO Elon) Musk & Co”.

Still, Ives estimated that the chip shortage will remove 40,000 vehicles from Tesla’s annual delivery count. He estimates deliveries to at least 865,000 vehicles, with a case of bulls of around 900,000.

In a nutshell, with headwinds linked to the chip shortage, Chinese demand still recovering from the start of the year and competition from electric vehicles from all angles, Tesla’s ability to meet these challenges this quarter has been very impressive, ”he wrote.

In the third quarter, the smaller Model 3 sedan and SUV Y led the way with 232,025 sales, followed by the larger Model S and X at 9,275. Tesla said it produced 237,823 vehicles for the quarter.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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