Tesla misses delivery estimates in third quarter amid supply-chain snarls

  • Tesla said that historically, the company's delivery volumes have skewed towards the end of each quarter.
Tesla Model Y
Tesla Model Y

US EV giant Tesla missed the third quarter forecasts for its worldwide deliveries amid global supply-chain constraints. The company has warned customers of challenges in getting its cars, suggesting that supply-chain snarls remain a blight. The company delivered a record 343,830 cars worldwide in the third quarter whereas analysts had expected that nearly 358,000 vehicles would be shipped, based on the average of estimates compiled by Bloomberg.

Tesla said that historically, the company's delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. “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," the company said.

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The company's CEO Elon Musk said in a Twitter series that he is aiming for “steadier" deliveries in between quarters, adding that the customer experience suffers from an end-of-quarter rush.

For Tesla, quarterly deliveries are among the most closely watched indicators since they underpin the carmaker's financial results. Though legacy automakers and new entrants alike are bringing more EVs to market, Tesla has led the charge for battery-powered cars since the first Model S sedans were delivered to customers a decade ago.

The company produced 365,923 vehicles for the quarter and the company said that its delivery count is conservative and that final numbers could vary by 0.5% or more.

Tesla began shifting to a “more even regional mix" of vehicle production, leading to an increase of cars in transit during the end of the quarter. “These cars have been ordered and will be delivered to customers upon arrival at their destination," the company said in a statement.

Currently, Tesla makes the Model S, X, 3 and Y models at its factory in Fremont, California. It makes the newer Model 3 and Y at the factory near Shanghai. The company recently began delivering Model Ys from its latest plants in Berlin and Austin.

First Published Date: 03 Oct 2022, 10:41 AM IST
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