A worker unloads a new Tesla Model 3 from a truck at the logistics unloading area in Seattle, Washington, USA, Thursday, August 22, 2024.
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Tesla Season 3 vehicles released Production and delivery reports Wednesday. The stock fell about 3.5% in pre-market trading after the report was released.
Here are the key numbers:
Total vehicle deliveries in the third quarter of 2024: 462,890
Total production in Q3 2024: 469,796
Analysts expected deliveries of 463,310 vehicles in the period ending Sept. 30, according to estimates compiled by FactSet StreetAccount.
Deliveries are not defined in Tesla's financial disclosures, but are the closest thing to sales the company reports. It's one of the most watched indicators on Wall Street.
During the same period last year, Tesla reported electric vehicle deliveries of 435,059 vehicles and production of 430,488 vehicles. Last quarter, the company reported deliveries of 443,956 vehicles and production of 410,831 vehicles.
Tesla faces growing competitive pressure, especially in China, from companies such as BYD and Geely, as well as new generation automakers such as Li Auto and NIO.
In the United States, electric vehicle competitors such as Rivian are maturing, while traditional automakers Ford and General Motors They sold more electric cars after abandoning more ambitious electrification goals.
General Motors announced this week that its third-quarter electric vehicle sales increased by about 60% year-on-year. However, its electric business is small compared to Tesla, with sales in the latest period of only 32,100 vehicles, accounting for 4.9% of the company's total sales.
Ford is scheduled to report results on Wednesday.
Tesla has yet to issue specific guidance for 2024 deliveries, but executives said they expect delivery growth this year to be lower than that despite adding a new vehicle to its lineup, the angular stainless steel Cybertruck. last year.
The company also said Wednesday that it deployed 6.9 GWh of energy storage products this quarter.
Tesla shares rose 32% in the third quarter, reversing full-year losses. Currently, the stock is set to rise nearly 4% through 2024, lagging the Nasdaq, which is already up 19%.
Tesla's brand has been under pressure in the United States, in part because of the antics of CEO Elon Musk, who, in addition to supporting former President Donald Trump, shared what the White House called “racist hatred.” As well as false claims about immigration and elections, there was fraud on his social media app X.
But Tesla still sells more battery electric vehicles in the United States than any other automaker, with Hyundai a distant second.
Investors will be particularly focused on profit margins when it reports third-quarter earnings later this month.
Tesla has continued to offer attractive financing options and a range of incentives to boost sales in China and the United States in recent months. The design of a “specialized robot taxi” is expected to be displayed.
Musk has been promising Tesla self-driving cars for years, but the company has yet to deliver. Meanwhile, competitors such as Waymo and Pony.ai have begun operating commercial robo-taxi services.
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