Tesla reports record quarterly deliveries amid chip shortages

Tesla reports record quarterly shipments amid chip shortage

Although more established automakers reported slower sales due to a lack of supply, Tesla said on Saturday it saw healthy growth in its global shipments of electric cars in the third quarter.

The company said it delivered 241,300 vehicles in the three-month period, its biggest quarter yet. That is 20% more than in the second quarter and 73% more than in the third quarter of the previous year.

Tesla doesn’t distribute its shipments by country. Much of the recent growth can be attributed to sales in Europe and China.

On Friday, major automakers including General Motors and Toyota said they had recently seen a decline in US sales due to a global semiconductor shortage as pandemic disruptions led to factory closures and shipping difficulties. E.

In a brief statement on Saturday, Tesla said it was not free from these problems. “We would like to thank our customers for their patience as we work on global supply chain and logistics challenges,” the company said.

When the company announced its second-quarter results in July, its CEO Elon Musk said it was covering the deficit by moving to more available chips and adding new ones to chips. They write instructions – known as firmware. But he also said that Tesla had to stop production because parts were missing.

Tesla said its third-quarter sales data, its best sales indicator, was a preliminary estimate that “should be viewed somewhat conservatively.”

The company said it produced 237,823 cars in the quarter, of which 228,882 were Model 3 or its wider version, the Model Y. Slightly more than half of the previous year’s total.

Production of the Model S and Model X stopped around this year when Tesla expanded its Fremont, California facility to make updated versions.

Although Tesla was sold by more established companies, it is the most valuable automaker in the world with a market cap of over $770 billion. But it faces new competition as electric vehicles move from the niche to the mainstream.

Rivian, a maker of US-made electric trucks with more than $10 billion in investments from Amazon, Ford Motor and several Wall Street firms, filed a filing with the Securities and Exchange Commission on Friday before going public.

Lucid Motors, led by Peter Rawlinson, the former CEO of Tesla, said it would soon begin shipping luxury sedans that can travel up to 850 miles on a single charge, with the furthest around 160 miles from Tesla. Perfect.

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