Tesla, led by Elon Musk, produced 430,488 vehicles in the third quarter of 2023. This represents a 10% decrease from the previous quarter. The company announced these figures on Monday.
In the third quarter, Tesla produced over 430,000 vehicles and delivered over 435,000 vehicles. However, these numbers fell short of Wall Street’s expectations. Tesla attributed the lower production and delivery numbers to planned downtimes at its factories.
The electric car company stated, “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.”
During the third quarter, Tesla delivered 435,059 vehicles, marking a 6.6% decrease from the previous quarter but a 26.5% increase year over year. The company will release its Q3 earnings report on October 18.
In the second quarter, Elon Musk had already warned of lower production and delivery numbers due to upgrades. As of now, Tesla has delivered a total of 1.32 million vehicles this year.
Reports suggest that Tesla plans to construct a battery storage factory in India. The company has submitted a proposal to the Indian government and aims to source automobile parts worth up to $1.9 billion from India this year. Additionally, Elon Musk is in preliminary discussions with Saudi Arabia to establish a new EV manufacturing facility there.
Stay updated with the latest stock market news here. For other business, politics, tech, sports, and auto news, visit Zeebiz.com.