Tesla Q3 2023 production & deliveries lower than expected
$Tesla (TSLA.US)$ recently released its vehicle production and delivery data for the third quarter of 2023:
Total deliveries for Q3 2023: 435,059 vehicles.
Total production for Q3 2023: 430,488 vehicles.
In contrast, during the previous quarter, Tesla delivered 466,140 vehicles and produced 479,700. In the same period in 2022, they had 343,830 deliveries from a production of 365,923 vehicles.
This result not only missed Wall Street's projections but also marked a nearly 7% decline compared to the preceding quarter. The company attributed this drop to planned factory shutdowns for upgrades. Yet, they are optimistic about meeting their 2023 delivery target of around 1.8 million vehicles.
After the report was published, Tesla shares remained steady, closing at $251.60. It is noted that there was no report on the Semi, Tesla's class 8 electric truck, only some mentions of initial deliveries of this truck to PepsiCo.
Lastly, there's been a reshuffling in Tesla's top management. In August, Zachary Kirkhorn stepped down as CFO, and Vaibhav Taneja took on the dual role of Chief Accounting Officer and CFO. The upcoming earnings call will mark Taneja's debut as the new CFO. In addition, Tesla has announced that its third-quarter earnings call is scheduled for October 18, after the market closes.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
- YouTube finance content creator (>65k subs)
- Specializes in US stock and ETF investments
- Huge fan of Tech companies
23KFollowers
5Following
45KVisitors
Follow
Silverbat : Low costs sub-Y SUV are expected to stop the erosion
Nicholas Low : This is obvious la . Now trying to prepare stocks before announcement
TeslaSmurf : Usual BS and FUD.
• Tesla stopped the Shanghai production lines for introducing the new Model 3 and, at the same time, less people wants to buy the “old” model. Is it so difficult to understand ?
• Look at the numbers to seek confirmation of that: the deliveries were more than the actual production which means that they sold more cars than they COULD build… exactly because the lines had to stop for retooling.
• A further confirmation of that, are the boosting orders in September and October: you will know it for sure with October’s production and delivery numbers.
生生世世生生世世 : Everyone knows about the decline in factory upgrades. Chives?
ZnWC TeslaSmurf : The post also failed to report the 2 million Cybertruck reservation which clearly showed that production can't meet demand. There was no demand issue and once production ramp up, Q4 sales will hit a record.
And why mentioned Zachary Kirkhorn step down which is old news and has no relation to Tesla meeting the 1.8 million vehicles target by end of year.
Tesla might have 2 million Cybertruck reservations, tally says
https://www.moomoo.com/community/feed/111086442119174?global_content=%7B%22invite%22%3A%22101709443%22%2C%22promote_content%22%3A%22mm%3Afeed%3A111086442119174%22%7D&data_ticket=212ca245a589f1e400fb2e247953bc77&futusource=nnq_search_search-result&content_type=feeddetail
71773628 ZnWC : Many of the 2 million orders have the mentality of being gamblers or just having fun. If the price of the car is raised, the order will be sold by hand; if the price is not raised, the order will be returned. The loss is very small.
ZnWC 71773628 : This is just speculation. Can you find source of info?
71773628 ZnWC : Resale orders for popular models in the automotive industry are the norm. For example, I bought an Audi Q7 in 10 years. At the time, I bought someone else's order with a price increase of 100,000. Scalper only paid a deposit of 20,000, and he earned five times as much. Later, many people at Lexus also grabbed orders and resold them. The lower the deposit, the more scalpers. If the order amount is 1,000 US dollars, at that time the order can be resold for 10,000 dollars, which is equivalent to ten times the leverage
71773628 ZnWC : Everyone thinks that mass production of pickup trucks will be a hit. It's not impossible for the first batch to buy cars and raise the price by $20,000. If the order is 1,000 yuan, then the change of hands is 20 times. Even if the order is not refundable, then 1,000 yuan will be lost. Therefore, I think the order moisture is very serious. The actual demand is far less than there are as many orders, and car loans have been tightened. Many people will be denied loans by banks, especially those with low credit scores
ZnWC 71773628 : This is based on words of mouth. How much will the figure deviate from the reservation figure is subjected to exaggeration if you don't have source of info. My source of info is based on Electrek which is quite popular and reliable.
View more comments...