Tesla quarterly deliveries beat as Europe demand recovers
TSLA•Tesla delivered 486,532 vehicles in the third quarter, beating analysts’ average estimate of 456,896 as demand in Europe recovered. The company produced 464,391 vehicles, below estimates of 486,761.
1. Deliveries top estimates
Tesla delivered 486,532 vehicles in the July-September period, above analysts’ average estimate of 456,896. The company needs to deliver at least 311,448 vehicles in the fourth quarter to avoid a third consecutive annual decline in deliveries.
2. Europe demand rebounds
EU registrations rose by about two-thirds through August after a slump last year. In France, the Model Y became the best-selling car of any type, the first time a Tesla topped the ranking. Exports from Tesla’s Shanghai factory nearly doubled in July and August.
3. Production below estimates
Tesla produced 464,391 vehicles in the third quarter, below estimates of 486,761. Analyst Seth Goldstein said the delivery numbers put Tesla on track for full-year growth following two years of declines, and pointed to Full Self-Driving as a differentiator.
