Tesla attributed the sequential drop in manufacturing to “deliberate downtimes for manufacturing facility upgrades.” Throughout a current earnings name, Tesla CEO Elon Musk defined that the “summer season shutdowns” had been essential for current product upgrades, just like the refreshed Mannequin 3 and Mannequin Y that had been just lately revealed for the Chinese language market.
The corporate stated it delivered 435,059 autos in Q3, a 6.6 p.c lower over the earlier quarter however a 26.5 p.c improve yr over yr.
Tesla maintains a manufacturing goal of 1.8 million autos in 2023. With at this time’s report, the corporate has produced 1.35 million, which means it’s about three-quarters of the way in which to its annual goal.
Tesla says it would report its Q3 earnings on October 18th. I’m certain lots of people will probably be tuning in to get an replace on the Cybertruck, which was supposed to begin its very restricted deliveries this previous quarter. The corporate had stated a supply occasion was deliberate for Q3, however the quarter got here and went with out an announcement.
Along with bulletins concerning the China-only (for now) refreshed Mannequin 3 and Y, Tesla additionally made information this quarter for — what else? — price cuts. The corporate dropped costs for its base fashions of the Mannequin S and X, first by introducing Customary Vary variations of each autos after which by eliminating these variants and decreasing costs for the long-range fashions.
The final earnings name was notable for 2 issues: hovering revenues and dwindling margins. Buyers are frightened that the rampant value reducing would proceed to eat into the corporate’s margins, however clients love a cut price and have responded by snatching up lots of Tesla’s newly cheaper fashions.
Tesla is certain to deal with questions on its costs (will there be extra cuts to return?) in addition to current wins round its charging plug normal. New converts to the corporate’s North American Charging Customary embody Jaguar Land Rover and Honda, and extra are certain to return. However some corporations are persevering with to carry out, like Volkswagen, Hyundai / Kia, Toyota, and Lucid.
