Tesla’s third-quarter operational summary revealed a plethora of results, showing some impressive growth when it comes to its energy and vehicle production numbers.
Solar deployments saw a significant decline of 48%, dropping to 49 MW. On the other hand, energy storage deployments increased by 90% year-over-year to 4.0 GWh.
Tesla’s physical locations grew by 25%, reaching 1,129 outlets globally. The mobile service fleet and Supercharger stations saw an increase of 20% and 31%, respectively.
“During the quarter we brought down several production lines for upgrades at various factories, which led to a sequential decline in production volumes,” Tesla stated in its report.
Tesla’s current installed annual vehicle capacity is as follows:
The company noted that installed capacity does not equate to the current production rate, which can be affected by various factors including equipment uptime and component supply.
In the U.S., Tesla began pilot production of the Cybertruck in Texas and expects initial deliveries this year on November 30 at Giga Texas.
In China, the Shanghai factory has been running near full capacity for several quarters. In Europe, the Model Y remains the best-selling vehicle year-to-date.
Tesla’s focus on Artificial Intelligence (AI) development has led to the commissioning of one of the world’s largest supercomputers. All Tesla rentals through Hertz in the U.S. and Canada now allow Tesla app access, offering various features to renters.
For 2023, Tesla aims to produce around 1.8 million vehicles. The company stated it has ample liquidity to fund its product roadmap and long-term capacity expansion plans. Tesla also expects hardware-related profits to be accompanied by an acceleration of AI, software, and fleet-based profits.
“Cybertruck deliveries remain on track for later this year,” the company confirmed in its outlook.
Energy storage deployments increased by 90% YoY, driven by the ongoing ramp of Tesla’s Megafactory in Lathrop, CA. Solar deployments declined due to high interest rates and the end of net metering in California. Tesla’s Services and Other business continues to grow, with Supercharging, insurance, and body shop & part sales being the core drivers of profit growth.
The report concludes with Tesla’s aim to grow production as quickly as possible, targeting around 1.8 million vehicles for 2023. Tesla also plans to maintain a strong balance sheet during this uncertain period.
