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Home ยป Tesla Delivers 435,059 Vehicles in Q3 2023, Short of analyst estimates deliveries

Tesla Delivers 435,059 Vehicles in Q3 2023, Short of analyst estimates deliveries

Canaccord Genuity just cut his price target on $TSLA from $267 to $234

Tesla has reported its Q3 2023 delivery numbers, reaching 435,059 total vehicles for the quarter from Tesla press releases, this falls short of analyst estimates which expected around 455,000 deliveries.

Tesla (TSLA) Q2 2023 Earnings Beat Expectations: What to Expect

In Q3 2022, Tesla delivered 343,830 vehicles. So this latest quarter showed a 26.8% increase year-over-year.

Total production for Q3 came in at 430,488 vehicles. Tesla stated planned factory upgrade downtime impacted volumes but its 2023 target for 1.8 million deliveries remains unchanged.

With 1,324,074 cumulative vehicles delivered through Q3, Tesla has now surpassed its 2022 full-year delivery total of 1,313,851.

To hit its 1.8 million goal for 2023, Tesla expects to deliver about 476,000 vehicles next quarter. That would set a new quarterly record for the automaker.

Q4 has potential catalysts like Cybertruck and new Model 3 production starting, updated Model Ys from Giga Shanghai, and newly upgraded factories.

In pre-market trading, Tesla shares fell 3.7% on the lower-than-expected delivery numbers. But the stock remains up over 35% year-to-date.

While Tesla missed forecasts, the 26.8% year-over-year growth proves strong underlying demand persists. Tesla appears confident upcoming product launches will drive record deliveries in Q4 and beyond.

Related Posts: Tesla Q2 2023 Production and Deliveries Break Records, Nearly 480k Vehicles

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