A worker unloads a new Tesla Model 3 from a truck at a logistics drop-off area in Seattle, Washington, US, Thursday, August 22, 2024.
Bloomberg | Bloomberg | Getty Images
Tesla She posted her car in the third quarter Production and delivery report Wednesday. The stock fell about 3.5% in premarket trading following the report.
Here are the key numbers:
Total deliveries for Q3 2024: 462,890
Total production in the third quarter of 2024: 469,796
Analysts had expected 463,310 vehicles to be delivered in the period ending Sept. 30, according to estimates compiled by FactSet StreetAccount.
Deliveries are not specified in Tesla’s financial disclosures, but are the closest approximation to units sold reported by the company. It’s one of the most closely watched metrics on Wall Street.
In the same period last year, Tesla reported 435,059 deliveries and production of 430,488 electric vehicles. In the last quarter, the company announced the delivery of 443,956 vehicles, and the production of 410,831 vehicles.
Tesla faces increasing competitive pressure, especially in China, from companies such as BYD and Geely, along with a new generation of automakers, including Li Auto and Nio.
In the US, competitors love electric cars Rivian Mature, while old car manufacturers Ford and GM They are selling more electric cars after backing away from more ambitious electrification targets.
General Motors this week announced a nearly 60% increase in electric vehicle sales for the third quarter compared to the previous year. However, its electric business is small compared to Tesla, with only 32,100 units sold recently, representing 4.9% of the company’s total sales.
Ford plans to report the results on Wednesday.
Tesla has not issued specific guidance for deliveries for 2024, but executives said they expect a lower growth rate for deliveries this year than last year despite the company adding a new vehicle, the stainless-steel Cybertruck, to its lineup.
The company also said Wednesday that it deployed 6.9 gigawatt hours of energy storage products in the quarter.
Tesla shares rose 32% in the third quarter, erasing its losses for the year in the process. The stock is now up about 4% in 2024, lagging the Nasdaq, which is up 19%.
Tesla’s brand has come under pressure in the United States, in part due to the antics of CEO Elon Musk, who, in addition to his endorsement of former President Donald Trump, shared what the White House called “racial hatred” and false claims about immigrants and the election. Fraud on X, his social media app.
But Tesla still sells more battery electric vehicles in the United States than any other automaker, with Hyundai a distant second.
In the third-quarter earnings report later this month, investors will pay particular attention to profit margins.
Tesla has continued to offer attractive financing options and a range of incentives to increase sales volume in recent months in China as well as in the United States. Before the earnings announcement, Tesla will host a marketing event on October 10, where it is expected to showcase the design of a “custom robotaxi.”
Musk has promised to make Tesla self-driving cars for years, but the company has yet to deliver. Meanwhile, competitors like Waymo and Pony.ai have begun operating commercial robotaxi services.
He watches: RBC’s Tom Narayan says Tesla is where investors can find safety
