Tesla misses delivery target in Q3, on track to produce 1.8 mn vehicles

SAN FRANCISCO: Elon Musk-run Tesla produced 430,488 vehicles in the third quarter of 2023, a 10 per cent drop from the previous quarter, the company said on Monday.

In the third quarter, the company produced over 430,000 vehicles and delivered over 435,000 vehicles.

The result missed Wall Street expectations. Tesla said planned downtimes at its factories led to lower production and delivery numbers.

"A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged,” said the electric car company.

The company delivered 435,059 vehicles in Q3, a 6.6 per cent decrease over the previous quarter but a 26.5 per cent increase year over year.

Tesla will report its Q3 earnings on October 18.

During its second quarter, Musk had warned that production and delivery numbers would be lower due to the upgrades.

Tesla has delivered 1.32 million vehicles so far this year.

The company is reportedly planning to build a factory for battery storage in India and has submitted a proposal for the same to the government. The electric vehicle major Tesla Inc plans to source automobile parts worth up to $1.9 billion this year from India. Billionaire Musk is also in early talks with South Arabia to build a new EV manufacturing facility there.