Tesla announces record quarterly deliveries amid chip shortage

Even as more established automakers reported slowing sales due to supply constraints, Tesla said on Saturday it saw a healthy increase i...

Even as more established automakers reported slowing sales due to supply constraints, Tesla said on Saturday it saw a healthy increase in global deliveries of its electric cars in the third quarter.

The the company said it delivered 241,300 vehicles in the three-month period, its highest quarterly total to date. This is a 20 percent increase from the second quarter and 73 percent more than the third quarter total of last year.

Tesla does not break down its deliveries by country. Much of its recent growth has been driven by sales in Europe and China.

Friday, major automakers, including General Motors and Toyota said they had suffered a recent drop in sales in the United States due to a global semiconductor shortage, as disruptions from the pandemic caused plant closures and freight bottlenecks.

In his brief announcement on Saturday, Tesla hinted that he had not been spared by the unrest. “We would like to thank our customers for their patience as we tackle the challenges of the global supply chain and logistics,” the company said.

When the company announced its second quarter results in July, its chief executive, Elon Musk, said he overcame the shortage by switching to more readily available chips and writing new instructions to fit into the chips – known as firmware. But he also said Tesla had to slow down part of production due to a lack of parts.

Tesla said the third quarter delivery figures, the best indicator of its sales, were an initial tally that “should be viewed as slightly conservative.”

The company said it produced 237,823 vehicles during the quarter, of which 228,882 were either the Model 3 or its more spacious version, the Model Y. It made 8,941 of its top-grossing vehicles, the Model luxury sedan. S and the Model X sport utility vehicle, just over half of the year-ago total.

Production of the Model S and Model X was halted for a while this year as Tesla prepared its Fremont, Calif., Plant to build updated versions.

Though vastly overtaken by the more established companies, Tesla is the world’s most beloved automaker, with a market capitalization of over $ 770 billion. But it faces new competition as electric vehicles move from a niche to the mainstream.

Rivian, an American manufacturer of electric trucks with more than $ 10 billion in investments from Amazon, Ford Motor and several Wall Street companies, filed documents with the Securities and Exchange Commission on Friday ahead of an initial public offering.

And Lucid Motors, led by former Tesla executive Peter Rawlinson, said it would start delivering soon. a luxury sedan capable of traveling up to 520 miles on a single charge of its battery, about 100 miles longer than the longer-range Tesla Model.

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Newsrust - US Top News: Tesla announces record quarterly deliveries amid chip shortage
Tesla announces record quarterly deliveries amid chip shortage
Newsrust - US Top News
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