Tesla Beats Expectations Of EV Delivery During Q3

Tesla (TSLA) announced that it delivered 241,300 electric vehicles by its Sept. 30 goal, topping Wall Street's quarterly expectations by about 8%.

Elon Musk’s electric vehicle maker published its Q3 report on Saturday in which it detailed its EV production and delivery. Of the over 241,000 EVs delivered, 232,025 were attributed to its model Model 3 and Y while 8,941 accounted for its Model S and X vehicles.

“Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more,” Tesla said in a statement.

Meanwhile, Tesla produced 237,823 cars of which 228,882 were its Model 3 and Y and 8,941 were Model S and X.

CNBC noted that street account analysts predicted that Tesla would deliver around 220,900 electric cars during Q3.

Tesla’s delivery report comes after Musk told staff in a company email to "go super hardcore" to “ensure a decent Q3 delivery number."

Tesla has been struggling with the global chip shortage, which also has halted production of many of its competitors, such as ​​Ford and General Motors. For Tesla, it caused several delays during the second and third quarter.

“We would like to thank our customers for their patience as we work through global supply chain and logistics challenges,” Tesla said in a statement.

Transport organizations like the International Chamber of Shipping recently wrote a joint open letter to members of the United Nations General Assembly, warning of a "global transport system collapse" if governments did not restore freedom of movement to transport workers and give them priority to receive vaccines authorized by the World Health Organization in order to secure global supply chains.

Tesla, however, has been better off compared to its EV rivals, Reuters noted. The company’s overall deliveries increased 20% in the July to September period, marking the sixth consecutive quarter-on-quarter gains.

On Monday at 2:41 p.m., Tesla shares were trading at $787.52, up $12.30, or 1.59%.