Tesla beats Q3 delivery expectations, sets new record
Tesla delivered over 241,000 vehicles in the third quarter, a new record for the electric automaker that also beat analysts' projections.
Why it matters: The tally came despite the global chip shortage and supply chain problems, and it's a sign of growing global demand for electric cars.
- Tesla, in announcing the numbers Saturday, thanked customers for their "patience as we work through global supply chain and logistics challenges."
What they're saying: Wedbush Securities analyst Daniel Ives, in a note, called the numbers "eye popping" in light of the industry's supply woes.
- The results suggest an EV demand that "looks quite robust for Tesla heading into Q4 and 2022" and "should improve broader sentiment on the EV space as a whole."
Zoom in: Sales of the Model 3 sedan and the Model Y, a small SUV, accounted for over 232,000 of the estimated 241,3o0 Q3 deliveries.
- Tesla doesn't provide data by country. But Future Fund portfolio manager Gary Black tells Reuters that record deliveries in China fueled Tesla's total, which is "putting to rest any notion China demand is slowing."