The global semiconductor shortage has impacted several companies across the world and led to a drop in sales, but such was not the case with Tesla. The EV company exceeded the estimates set by Wall Street and smashed its way into the record books as it delivered 2,41,300 electric vehicles in the third quarter.
This is an increase of 73% from a year before and exceeds the estimates put forward by Wall Street and other analysts. In its report, Tesla said that a vast majority of its deliveries consisted of its Model 3 and Model Y vehicles – the company produced 2,37,823 EVs in the third quarter and 2,28,882 of them consisted of the Model 3 and Y vehicles. Additionally, deliveries grew by 20% since Q2 and total production in the third quarter rose over 15% – Tesla produced 8,941 Model S and X EVs and delivered 9,275 of them during the period.
This record number comes after Elon Musk had urged staff to “go super hardcore” to “ensure a decent Q3 delivery number” earlier in September, and Tesla has delivered (pun intended). The Tesla CEO took to Twitter to congratulate the company and staff and thanked their suppliers and logistics partners.
Separately, the company said that they would like to thank their customers for their patience as they worked through the shortage in the global supply chain and logistics challenges.
The EV sector has grown in recent times as people are slowly but steadily understanding the need for clean energy and the electrification of the automotive industry. In spite of the chip shortage, Tesla has come through, even though its customers had to face unexpected delays in deliveries.
However, not all companies managed to weather the shortage crisis, as General Motors’ sales slipped by a third in Q3 to its lowest level in more than a decade – it sold 4,46,997 vehicles in the US in the third quarter. Other Tesla rivals posted declined sales in the US in Q3 as well.
However, the firm continues to maintain its full-year adjusted earnings of $11.5 billion to $13.5 billion and “develop solutions to mitigate the impacts of the semiconductor shortage and Chevrolet Bolt EV recall.”
