Tesla delivered 139,300 vehicles out of 145,036 produced in Q3, above Wall Street’s 137,000 expectations, according to Friday’s press release. Tesla’s stock traded 4% lower on Friday premarket. Company delivered 90,650 electric vehicles in Q2 but produced 87,048, mostly Model 3s.
- Tesla will begin exporting some made-in-China vehicles to Europe.
- Tesla has not changed guidance to deliver 500,000 vehicles in 2020 and the company “have a shot at a record quarter for vehicle deliveries, but will have to rally hard to achieve it.” CEO Elon Musk
- Vehicle deliveries would likely rise 30% to 40% or 477,750 to 514,500 deliveries from 2019- Musk.
- Tesla had moved past COVID-19 health orders that slowed down U.S. vehicle assembly but facing auto sales slump for new vehicle sales globally.
- August sales were recovering due to rising sales in China with almost 12,000 vehicles sold driven by price cuts and production ramp-up
- In July, Tesla cut the price of Model Y crossover SUV by $3,000 in the U.S. and discontinued the lower-priced standard version of SUV.
Tesla stock declined despite favorable vehicle deliveries in Q3. TSLA: NASDAQ is down 4.78%