Tesla (TSLA) Q3 2024 car supply and manufacturing numbers

Tesla posted its third-quarter car production and deliveries report on Wednesday. The inventory fell about 3.5% in premarket buying and selling after the report.

Listed below are the important thing numbers:

Complete deliveries Q3 2024: 462,890

Complete manufacturing Q3 2024: 469,796

Analysts have been anticipating deliveries of 463,310 within the interval ending Sept. 30, in line with estimates compiled by FactSet StreetAccount.

Deliveries aren’t outlined in Tesla’s monetary disclosures, however are the closest approximation to models offered reported by the corporate. It is one of the vital closely-watched metrics on Wall Avenue.

Within the year-ago period, Tesla reported 435,059 deliveries and manufacturing of 430,488 EVs. Final quarter, the corporate reported 443,956 deliveries, and manufacturing of 410,831 autos.

Tesla is dealing with elevated aggressive stress, particularly in China, from firms like BYD and Geely, together with a brand new era of automakers, together with Li Auto and Nio.

Within the U.S., EV rivals like Rivian are maturing, whereas legacy automakers Ford and General Motors are promoting extra electrical autos after strolling again extra bold targets for electrification.

GM this week reported a roughly 60% enhance in EV gross sales for the third quarter from a yr earlier. Nonetheless, its electrical enterprise is tiny in comparison with Tesla’s, with simply 32,100 models offered within the newest interval, accounting for 4.9% of the corporate’s complete gross sales.

Ford plans to report outcomes on Wednesday.

Tesla hasn’t issued particular steerage for 2024 deliveries, however executives have stated they count on a decrease supply progress charge this yr versus final regardless of the corporate having added a brand new car, the angular chrome steel Cybertruck, to their lineup.

The corporate additionally stated on Wednesday that it deployed 6.9 GWh of vitality storage merchandise within the quarter.

Shares of Tesla climbed 32% within the third quarter, erasing their loss for the yr within the course of. The inventory is now up nearly 4% in 2024, trailing the Nasdaq, which has gained 19%.

Tesla’s model has been beneath stress within the U.S. due partly to the antics of CEO Elon Musk, who, along with endorsing former President Donald Trump, has shared what the White House called “racist hate,” and false claims about immigrants and election fraud on X, his social media app.

However Tesla nonetheless sells extra battery electrical autos within the U.S. than another automaker, with Hyundai a distant second.

In its third-quarter earnings report later this month, buyers will probably be significantly targeted on revenue margins.

Tesla has continued to supply enticing financing choices and an array of incentives to drive gross sales quantity in latest months in China in addition to within the U.S. Previous to earnings, Tesla will host a advertising and marketing occasion on Oct. 10, and is anticipated to point out off the design of “devoted robotaxi.”

Musk has promised Tesla self-driving vehicles for years, however the firm has but to ship. In the meantime rivals like Waymo and Pony.ai have begun working business robotaxi companies.

WATCH: Tesla is a place where investors can find safety, says RBC’s Tom Narayan