Elon Musk might want to keep his day job..That’s because while he was frittering over Twitter (“X”) and shooting SpaceX rockets into orbit, his signature EV brand blew its third-quarter production numbers, sending Wall Street into a tizzy..The Austin, TX based company gave the warning ahead of its Q3 earnings release on October 18..The company said it produced 430,000 EVs in the quarter — including 417,000 of its Model 3/Y — and delivered 435,000 of them. In the previous quarter, Tesla produced 479,700 vehicles and delivered 466,140..If so, it would be the first sequential drop in production — apart from the pandemic — since the company was formed in 2003.. 20220404_Tesla_ProductionTesla warns on production, sending shares lower. .In a statement released after market on Monday, Tesla said the declines were “caused by planned downtimes for factory upgrades” as previously disclosed. Its 2023 volume target of “around 1.8 million vehicles remains unchanged,” it added..Even as other big automakers slash EV production, Tesla remains the undisputed global leader accounting for 20% of all battery EVs sold on the planet in the second quarter of this year. That was followed by Chinese manufacturer BYD Auto with 15% and Volkswagen with 7%. .The Big Three US automakers Ford, Chrysler and GM didn’t even make the top 10..Despite the slump, Tesla sales soared by 83% year-over-year during the second quarter with the Model Y — its budget model — accounting for 64% of Tesla’s global sales. Model Y retained its title as the ‘best-selling’ passenger car model globally..According to its website, Canadian models start around $60,000 before rebates, compared to just US$29,000 (roughly CAD$39,750) in the US after a $7,500 credit. Unlike other dealers, Teslas are only available direct from the factory..According to technology research company Counterpoint, mainstream automakers have yet to catch up to Tesla, partly owing to its innovative factories and manufacturing processes..“It has been slow going because electrification is forcing carmakers to rethink manufacturing. Premium EVs now need to resemble smartphones more than traditional cars to offer a similar experience to Tesla, the gold standard in EVs, with its vertically integrated platform,” it said..Tesla shares fell sharply at the opening bell on Tuesday, losing almost US$5 or more than 3% before rebounding to US$248.48, off about 1.25%.
Elon Musk might want to keep his day job..That’s because while he was frittering over Twitter (“X”) and shooting SpaceX rockets into orbit, his signature EV brand blew its third-quarter production numbers, sending Wall Street into a tizzy..The Austin, TX based company gave the warning ahead of its Q3 earnings release on October 18..The company said it produced 430,000 EVs in the quarter — including 417,000 of its Model 3/Y — and delivered 435,000 of them. In the previous quarter, Tesla produced 479,700 vehicles and delivered 466,140..If so, it would be the first sequential drop in production — apart from the pandemic — since the company was formed in 2003.. 20220404_Tesla_ProductionTesla warns on production, sending shares lower. .In a statement released after market on Monday, Tesla said the declines were “caused by planned downtimes for factory upgrades” as previously disclosed. Its 2023 volume target of “around 1.8 million vehicles remains unchanged,” it added..Even as other big automakers slash EV production, Tesla remains the undisputed global leader accounting for 20% of all battery EVs sold on the planet in the second quarter of this year. That was followed by Chinese manufacturer BYD Auto with 15% and Volkswagen with 7%. .The Big Three US automakers Ford, Chrysler and GM didn’t even make the top 10..Despite the slump, Tesla sales soared by 83% year-over-year during the second quarter with the Model Y — its budget model — accounting for 64% of Tesla’s global sales. Model Y retained its title as the ‘best-selling’ passenger car model globally..According to its website, Canadian models start around $60,000 before rebates, compared to just US$29,000 (roughly CAD$39,750) in the US after a $7,500 credit. Unlike other dealers, Teslas are only available direct from the factory..According to technology research company Counterpoint, mainstream automakers have yet to catch up to Tesla, partly owing to its innovative factories and manufacturing processes..“It has been slow going because electrification is forcing carmakers to rethink manufacturing. Premium EVs now need to resemble smartphones more than traditional cars to offer a similar experience to Tesla, the gold standard in EVs, with its vertically integrated platform,” it said..Tesla shares fell sharply at the opening bell on Tuesday, losing almost US$5 or more than 3% before rebounding to US$248.48, off about 1.25%.
