Tesla released its vehicle production and delivery statistics for the third quarter of 2023 on Monday, showing a decline compared to the previous quarter.
The company produced 430,488 vehicles and delivered 435,059. This represents a 10.3% decline in deliveries from the 466,140 reported in the previous quarter and a 10.3% decline in production from the 479,700 vehicles produced in the previous quarter.
Year-over-year, however, the numbers show an increase. Compared to the same period in 2022, when Tesla reported total vehicle production of 365,923 and deliveries of 343,830, the company has seen an 18% increase in production and a 27% increase in deliveries.
The breakdown for Q3 2023 is as follows:
Despite the sequential decline in volumes, attributed to planned factory downtimes for upgrades, Tesla’s 2023 volume target remains unchanged at around 1.8 million vehicles.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call,” reiterated Tesla.
Wall Street analysts had projected Tesla’s vehicle deliveries to reach 461,640 for the quarter ending September 30, according to data compiled by StreetAccount. In contrast, independent researcher known by the social media handle Troy Teslike had forecasted 441,000 deliveries for the same period.
Martin Viecha, Tesla’s Head of Investor Relations, disseminated a company-compiled consensus to a select group of investors. This information, later shared publicly on social media by Gary Black, indicated that Wall Street’s expectations were closer to 455,000 total deliveries for the quarter. The median estimate, based on the projections of 25 analysts, stood at 453,128 deliveries.
Tesla will release its financial results for the third quarter after the market closes on Wednesday, October 18, 2023. A live question and answer webcast will be held at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the company’s financial and business results and outlook. The webcast will be available for replay approximately two hours after the session concludes.