The Tesla logo that can be seen in one of its showrooms. Tesla today announced its results for the first quarter of 2021.
Toby Scott | LightRakete | Getty Images
Tesla delivered 241,300 electric vehicles in the third quarter of 2021, the company reported on Saturday.
Deliveries for the quarter exceeded expectations. Analysts predict that Tesla will deliver around 220,900 electric cars by September 30, according to StreetAccount estimates.
The company produced 237,823 cars through September 30, 2021, Tesla said in its report. Of these, 228,882 were the 3 and Y models, the cheaper mid-range offers.
The remainder amounted to 8,941 of the S and X models.
Last quarter, Tesla shipped 201,250 vehicles and produced 206,421 cars, although production of its S and X models fell below 2,500.
“Our delivery count should be viewed as a bit conservative, as we only count a car as delivered when it has been handed over to the customer and all papers are correct.
Tesla does not break down the delivery figures by model, nor do they have any sales or production figures from China compared to the USA (deliveries are the company’s closest approximation of vehicle sales.)
Tesla exposed customers to repeated, unexpected delivery delays during the quarter. In its publication on Saturday, the company admitted the delays, blamed them on “global challenges in the supply chain and logistics” and then thanked customers for their patience.
The press release announcing the production and shipping report was from Austin, Texas. Tesla’s website still lists its headquarters in Palo Alto, California, but Elon Musk moved to Texas last year and the company is building a new factory in the Austin area.
Tesla also plans to hold its annual stockholders’ meeting on October 7 at its under construction near Austin factory, temporarily ceasing operations for a few weeks.
At the time, California Governor Gavin Newsom told CNBC he wasn’t worried Elon might be leaving anytime soon and spoke out for Tesla.
Elon Musk’s electric vehicle maker now produces cars at its Shanghai facility and its US facility in Fremont, California, while continuing to manufacture batteries domestically with Panasonic at its sprawling facility outside Reno, Nevada.
In the period ending September 30, 2021, Tesla began shipping some lithium iron phosphate batteries from China to be used in Model 3 vehicles for customers in the United States
Tesla has also temporarily shut down some operations at its vehicle assembly plant in Shanghai, where it makes cars for customers in China and Europe. The stops have been attributed to a global semiconductor shortage that has challenged Tesla year-round and plagued the entire auto industry.
New battery-electric models, notably Rivian’s R1T and Lucid Motors’ long-delayed luxury sedan, Lucid Air, are now being manufactured and sold to customers in the United States, an indication that competition is intensifying for Tesla in key markets.
At the same time, interest in electric vehicles is growing, even in the US, which is lagging behind China and Europe.
According to a June 2021 poll by Pew Research, 39% of Americans say that “the next time they buy a vehicle, there is at least some chance they will seriously consider electric.” About 7% of Americans said they had already bought a battery-only electric or hybrid electric vehicle.
This demand is only stimulated by rising fuel costs and environmental regulations.
In China, for example, government programs are making it much faster and cheaper to get license plates for electric vehicles than vehicles with internal combustion engines. The Chinese government has also offered subsidies, tax breaks, and invested in charging infrastructure to encourage the production and adoption of electric vehicles.
Meanwhile, President Joe Biden has set a voluntary target that by 2030 half of all new car sales in the U.S. will be electric models – including battery-electric, plug-in hybrids, and hydrogen fuel cell vehicles. The move is part of the Biden government’s pledge to cut U.S. emissions by half by 2030.
Piper Sandler Senior Research Analyst Alexander Potter, a bull with a target price of $ 1,200 on Tesla stock, wrote in a note on Sept. 27:
“Tesla’s share of the battery electric vehicle (BEV) market will almost certainly decrease – as many competitors have not yet started selling BEVs. However, we expect Tesla’s share of the overall market to continue to grow, and we emphasize that BEV’s market share is falling. “Shouldn’t be taken as a bearish signal … After all, Tesla competes with all kinds of vehicles – not just other electric vehicles.”
Sam Fiorani, vice president of Auto Forecast Solutions, agreed. He said, “Tesla is so far ahead of the competition in the EV market that it is unlikely that anyone will overtake them anytime soon. The Tesla cult will bind buyers to the brand for years to come. Even Audi and Mercedes are difficult to acquire the same aura. While its market share will decline, Tesla will maintain the leadership position for years to come without any major missteps within the company. “