A worker unloads a new Tesla Model 3 from a truck at a logistics drop zone in Seattle, Washington, US, Thursday, August 22, 2024.
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Tesla posted its third-quarter vehicle production and delivery report on Wednesday. The stock fell about 3.5% in premarket trading after the report.
Here are the key numbers:
Total deliveries Q3 2024: 462,890
Total production Q3 2024: 469,796
Analysts had expected 463,310 deliveries in the period ending Sept. 30, according to estimates compiled by FactSet StreetAccount.
Deliveries were not specified in Tesla’s financial disclosures, but are the closest estimate of units sold reported by the company. This is one of the most closely watched metrics on Wall Street.
Last year, Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles.
Tesla is facing increased competitive pressure, especially in China, from companies like BYD and Geely, along with new generation automakers, including Li Auto and Nio.
In the US, competing EVs like Rivian are maturing, while the legacy automakers Ford and General Motors which sold more electric vehicles after running back more ambitious goals for electrification.
GM this week reported an estimated 60% increase in EV sales for the third quarter from a year earlier. Still, its electric business is small compared to Tesla, with only 32,100 units sold in the latest period, accounting for 4.9% of the company’s total sales.
Ford plans to report results Wednesday.
Tesla has not released specific guidance for 2024 deliveries, but executives said they expect a lower rate of delivery growth this year than last even as the company adds a new vehicle, the angular stainless steel Cybertruck, to its lineup.
The company also said on Wednesday that it deployed 6.9 GWh of energy storage products in the quarter.
Tesla shares surged 32% in the third quarter, paring losses in the process. The stock is now up nearly 4% in 2024, trailing the Nasdaq, which has gained 19%.
The Tesla brand is under pressure in the US due in part to the actions of CEO Elon Musk, who, in addition to supporting former President Donald Trump, has shown what the White House calls “racist hatred,” and false claims about immigrants and elections. fraud in X, his social media app.
But Tesla still sells more battery electric vehicles in the U.S. than any other automaker, with Hyundai far behind.
In the third quarter earnings report this month, investors will focus mainly on the profit margin.
Tesla continues to offer attractive financing options and various incentives to drive sales volume in recent months in China as well as in the US. the design of a “custom robotaxi.”
Musk has promised Tesla a self-driving car for years, but the company has yet to deliver. Meanwhile competitors like Waymo and Pony.ai have started operating commercial robotaxi services.
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