overcame a fragmented global supply chain to produce a record number of vehicles in the third quarter.
The Silicon Valley electric vehicle maker shipped 241,300 vehicles to customers in the three months ending Saturday in September, compared with 139,593 vehicles in the same period last year. Analysts surveyed by FactSet estimated that Tesla will ship around 227,000 vehicles in the quarter.
The results allowed Tesla to easily meet its year-round goal of increasing deliveries by more than 50% from nearly half a million vehicles last year. In total, the company delivered about 627,000 vehicles to customers in the first nine months of this year.
Weekly summary of technical reviews, titles, columns, and questions answered by WSJ Personal Tech teachers.
This growth comes despite supply chain disruptions that have limited vehicle production in the global auto industry, reducing opportunities for buyers and slowing sales.
The ongoing semiconductor shortage is expected to cost the global auto industry $210 million in revenue this year, according to consulting firm AlixPartners LLP. In the US, auto sales are forecast to fall to 12.4 million vehicles a year in September, the lowest since May 2020, according to Ward’s Intelligence.
The nod to the opposite wind in a note to employees last month that said the company had made up for the shortfall by building a car with missing parts that needed to be added later, according to a person familiar with the matter.
In the third quarter, Tesla shipped a total of 232,025 Model 3 sedans and Model Y compact sports cars, up from 124,318 of these models a year earlier. It was the first full quarter since Tesla unveiled an upgraded version of its Model S luxury sedan called the Plaid.
The company shipped 9,275 high-end models: the Model S sedan and the Model X sports car. In the third quarter of last year, Tesla shipped a total of 15,275 Model S and Model X vehicles.
Analysts polled by FactSet on Friday expect Tesla to post about $1.1 billion in profit on sales of more than $13 billion in the third quarter. This represents an increase in profit of $331 million from sales of $8.8 billion in the previous period.
Tesla, meanwhile, is preparing to expand public access to state-of-the-art driver assistance tools designed to help people navigate cities by adding a number of features designed primarily for road driving.
The promise of Tesla’s state-of-the-art driver assistance software attracts customers and investors by helping to make Tesla the world’s most valuable automaker. The stock closed at $775.22 on Friday.
“[P]The potential for further portfolio growth is determined by Tesla’s success in ventures beyond vehicle sales – particularly in auto autonomy,” said Credit Suisse analysts.
However, the company caught the attention of a group of traffic officers and security advocates who expressed concern about possible misuse of the tool. The National Highway Traffic Safety Administration launched an investigation in August into the advanced driver assistance features the company offers after a series of accidents involving a Tesla and one or more parked ambulances.