Local time on Monday (October 2), electric car leader Tesla announced the third quarter of 2023 vehicle production and delivery report. Specific data shows:
The company's total production for the third quarter was 430,488 vehicles, including 416,800 Model 3 and Model Y vehicles and 13,688 Model S and Model X vehicles.
Total deliveries for the third quarter came in at 435,059, below Wall Street expectations of 461,640, with 419,074 deliveries for Model 3/Y and 15,985 for Model S/X.
On a year-on-year basis, production and deliveries in the third quarter of 2022 were 365,923 and 343,830 units, up 17.6% and 26.5% respectively. However, compared with the second quarter of 2023, there is a significant decline. The company delivered 1,324,074 vehicles in the first three quarters of the year.
Tesla wrote in a press release that "as discussed on the recent earnings call, the decline in volume was caused by planned shutdowns for plant upgrades." Our 2023 vehicle sales target of around 1.8 million units remains unchanged."
Company executives warned during a call to report second-quarter earnings that some capacity may be sitting idle due to planned shutdowns. "We expect production to be down slightly in the third quarter as we shut down during the summer for plant upgrades," Musk said at the time.
In addition, the delivery report does not mention the production and delivery number of semi-trailer electric truck "Semi". It was previously reported that Tesla had already delivered the first Semi to PepsiCo in December last year.
It is worth mentioning that this is also the first time that Tesla has delivered less than production since the second quarter of 2022. Goldman Sachs analyst Mark Delaney has said, "Tesla is likely to cut prices further next year to support higher volumes, which we believe will dent EPS growth from cost reductions."
The report also wrote that Tesla is scheduled to announce the company's Q3 financial results after the close of the US stock market on July 19 (early morning of July 20, Beijing time), and will hold a conference call after that. It is understood that this will be Vaibhav Taneja's first call since succeeding Zachary Kirkhorn as the company's chief financial officer.
Deutsche Bank previously cut its third-quarter revenue forecast for Tesla to $23.3 billion from $24.1 billion, and expected earnings per share to fall to $0.71. The bank added that the next generation vehicle platform will be key to Tesla's further growth, and investors are closely watching the launch of the next generation of vehicles.