Tesla Delivers Record 97,000 Cars
Tesla released the delivery and production numbers for the third quarter.
Elon Musk sent out an internal email stating that the company had a chance to hit 100,000 deliveries. It was reported with a day left in the quarter that they would fall a few thousand cars short of the goal.
According to the company press release, 97,000 cars were delivered in the quarter with 96,155 produced. There were 79,400 Model 3 deliveries along with 17,400 Model S/X.
In the third quarter, we achieved record production of 96,155 vehicles and record deliveries of approximately 97,000 vehicles.
In addition, we achieved record net orders in Q3 and are entering Q4 with an increase in our order backlog. As was also the case in Q2, nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand. We are continuing to focus on increasing production to meet that demand
https://electrek.co/2019/10/02/tesla-record-deliveries-q3/
The Model 3 keeps rising in the sales rankings for luxury automobiles. This not only includes electric cars but all vehicles.
Whether the delivery numbers translate into a profitable quarter or not will be revealed later in the quarter when the company reports.
Musk keeps promising profitability, something Wall Street seems unconcerned with. No matter what the losses, each time he turns to the Street for financing, he gets what he asks for.
On another front, the company is reported to be starting production in their China facility in a couple weeks. This will allow Tesla to insult itself from the trade war taking place between the United States and China.
The goal is to ramp up production to 3,000 cars per week by the end of the year. This might be a target that is missed. Nevertheless, the production will help Tesla's numbers going forward. It appears that Tesla's main problem is production, not demand, at least with the Model 3.
In spite of the stock price being down after hours, it was a good quarter for the electric vehicle maker.
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