Tesla’s logo seen in one of its showrooms. Tesla today announced its results for the first quarter of 2021.
Toby Scott | LightRocket | Getty Images
Tesla delivered 241,300 electric vehicles in the third quarter of 2021, the company reported on Saturday.
Deliveries for the quarter exceeded expectations. Analysts have predicted that Tesla will deliver around 220,900 electric cars during this period, according to estimates compiled by StreetAccount as of September 30.
The company produced 237,823 cars during the period ending September 30, 2021, Tesla said in his report. Of that number, 228,882 were its 3 and Y models, its more affordable mid-range offerings.
The remainder produced was 8,941 of its Model S and X vehicles.
In the last quarter, Tesla delivered 201,250 vehicles and produced 206,421 cars, even as production of its Model S and X fell below 2,500.
“Our number of deliveries should be considered slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final figures may vary by up to 0.5% or more.” , the company said in a statement. declaration.
Tesla does not break down delivery figures by model, nor does it report sales or production figures for China relative to the United States (deliveries are the closest approximation to the company’s vehicle sales.)
Tesla suffered repeated and unexpected delivery delays to its customers during the quarter. In their statement on Saturday, the company acknowledged the delays, accusing them of “global supply chain and logistics challenges,” then thanked customers for their patience.
The press release announcing the production and delivery report was dated Austin, Texas. by Tesla website Still says its headquarters are in Palo Alto, Calif., but Elon Musk moved to Texas last year and the company is building a new factory in the Austin area.
Tesla also plans to hold its annual meeting of shareholders at its plant, currently under construction, near Austin on October 7. Musk previously threatened to move Tesla’s headquarters out of California in the spring of 2020 when state health orders related to Covid demanded Tesla’s Fremont. plant to temporarily suspend operations for a few weeks.
At the time, California Governor Gavin Newsom told CNBC he was “not worried about Elon leaving anytime soon,” and expressed his support for Tesla.
Electric vehicle maker Elon Musk now produces cars at its Shanghai plant and US plant in Fremont, Calif., While continuing to produce batteries nationally with Panasonic at their sprawling plant outside of Reno. , in Nevada.
During the period ending September 30, 2021, Tesla started to ship certain lithium iron phosphate batteries from China for use in Model 3 vehicles manufactured for customers in the United States
Tesla has also temporarily suspended some operations at its vehicle assembly plant in Shanghai, where it manufactures cars for customers in China and Europe. The shutdowns were attributed to a global semiconductor shortage, which challenged Tesla year-round and affected the entire auto industry.
New battery-electric models, including Rivian’s R1T and Lucid Motors’ long-delayed Lucid Air luxury sedan, are now in production and sold to customers in the United States, an indication that competition is intensifying in the markets. keys for Tesla.
At the same time, interest in electric vehicles is also increasing, even in the United States, which is lagging behind in adoption compared to China and Europe.
According to a June 2021 survey of Pew Research, 39% of Americans say that “the next time they buy a vehicle, they’re at least quite likely to seriously consider electric.” About 7% of Americans said they had purchased a pure battery-electric or hybrid-electric vehicle in the past.
This demand is only encouraged by rising fuel costs and environmental regulations.
For example, in China, government programs allow license plates to be obtained much faster and cheaper for electric vehicles than for vehicles with internal combustion engines. The Chinese government has also offered subsidies, tax breaks and invested in charging infrastructure to encourage the production and adoption of electric vehicles.
Meanwhile, President Joe Biden has set a voluntary target that half of all new vehicle sales in the United States will be electric models by 2030, including electric batteries, plug-in hybrids and gasoline vehicles. hydrogen fuel cell. The move is part of the Biden administration’s pledge to halve U.S. emissions by 2030.
Piper Sandler, senior research analyst Alexander Potter, a bull with a price target of $ 1,200 for Tesla shares, wrote in a September 27 note:
âTesla’s share of the battery-electric vehicle (BEV) market will almost certainly drop – as many peers have yet to start selling BEVs. should not be taken as a bearish signal … After all, Tesla competes with vehicles of all types, not just other electric vehicles. “
Auto Forecast Solutions vice president Sam Fiorani agreed. He said: âTesla is so far ahead of the competition in the electric vehicle market that anyone is unlikely to overtake them anytime soon. The Tesla cult will keep buyers attached to the brand for years to come. Even Audi and Mercedes are struggling to tap into the same kind of aura. As their market share shrinks, Tesla will maintain its leadership position for years to come without a major misstep within the company. business. “