Tesla reports sequential drop in deliveries due to factory downtime
Xiaolu Chu/Getty Images News
Tesla (NASDAQ:TSLA) disclosed on Monday that it produced 430,488 vehicles and delivered 435,059 vehicles during Q3. The electric vehicle maker said a sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Of note, 4% of the units were subject to operating lease accounting. Crucially, Tesla's (TSLA) 2023 volume target of around 1.8 million vehicles remains unchanged.
During Q2, Tesla (TSLA) delivered 466,140 electric vehicles to easily beat estimates for around 445,000 units. The company produced 479,700 vehicles in the same period. In the first quarter of 2023, Tesla delivered 422,875 vehicles and produced 440,808 units.
Tesla (TSLA) will post its financial results for the third quarter of 2023 after market close on October 18.
Shares of Tesla (TSLA) fell 3.14% higher in premarket action to $242.30 vs. the 52-week trading range of $101.81 to $299.29.

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