Tesla, the only electric car manufacturer in the world right which is not producing awkwardly looking electric cars, has today updated the consumers on its third qurter deliveries plus production figures. And unconventionally, they’re strikingly better than analyst estimates.
The company today revealed that the third quarter results are one of the best for the company in terms of sales and production both.
Tesla reports that the company has managed to deliver a total of 24,500 vehicles, out of a which 15,800 were Model S and 8,700 were Model X, in the third quarter. It is a staggering 70 per cent more than the cars it sold in the previous quarter and about twice the total number of vehicles — 11,850 — it shipped in the corresponding quarter of previous year.
With the rampant increase in successful deliveries, one can easily see the faith of the customers in the company. Even the recent fatal accidents of the Tesla cars also haven’t dettered the company from its timeline and the sales have only surged further. While this is an increase in total vehicles shipped, Tesla has termed the sales figure as ‘slighty conservative’ saying,
Our Q3 delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct.
In addition to Q3 deliveries, about 5,500 vehicles were in transit to customers at the end of the quarter. These will not be counted as deliveries until Q4.
Alongside the surge in sales, Tesla has also managed to ramp up production by manufacturing 25,185 vehicles in the third quarter. This is a 37 per cent increase when compared to the 18,345 vehicles it manufactured in the previous quarter.
The sales figures are inline with the ambitious vision of its legendary founder and innovator Elon Musk, who was looking for a strong third quarter to build his fund-raising case for the development and expansion of the humongous Gigafactory — which is only 10 per cent complete and started operations last month. The company is also preparing to raise cash it needs for the timely beginning of the production of its affordable alternative — the ‘Model 3’.
And now that Tesla has embarked on a growth trajectory, it plans to move only upwards to produce and deliver even more electric vehicles in the next quarter.
We expect Q4 deliveries and production to be at or slightly above Q3, despite Q4 being a shorter quarter and the challenge of delivering vehicles in winter weather over holidays. Guidance of 50,000 vehicles for the second half of 2016 is maintained,
reads the official press release.
With the completion of the Gigafactory and rampant increase in production, Musk plans to reduce the humongous losses(in the range of $293 million last quarter) and use the same money to better use. The company is slated to start the delivery of its mass-production $35,000 sedan ‘Model 3’ next year and plans to hit a sales target of over 500k by 2018. It has recently also picked up his own company ‘SolarCity’ for a whopping $2.6 billion in an effort to create synergies and amalgate the two technologies to provide broader solutions to its customers.