Tesla Missed Wall Street’s Prediction for Q3

October 03, 2022 By Omal J

(Image Credit Google)

Tesla announced on Sunday that it delivered 343,830 vehicles in Q3, setting a new record and reversing a trend from earlier this year when a shutdown at its China factory and difficulties with opening factories in Berlin and Austin limited the number of vehicles it could deliver to customers. However, despite the uptick and record number, the third-quarter delivery result still fell short of Wall Street expectations, which, depending on the surveyed group, varied between 358,000 and 371,000 automobiles. Moreover, the difference between production and delivery numbers was considerably larger than typical. The reason is that in Q3, Tesla manufactured 365,923 cars. Furthermore, Tesla attributed the failure to deliver to a shortage of capacity in the logistics system it uses to deliver automobiles to consumers. According to a statement from Tesla, "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks. In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination." Tesla Q3

In other words, Tesla will strive to move past its legendary end-of-quarter pushes. In addition, CEO Elon Musk tweeted on Sunday that the company is attempting a steadier approach. His tweet read, "Customer experience suffers when there is an end-of-quarter rush. Steady as she goes is the right move."

By Omal J

I worked for both print and electronic media as a feature journalist. Writing, traveling, and DIY sum up her life.

Tesla Missed Wall Street’s Prediction for Q3

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