Tesla’s Overall Vehicle Deliveries Surpass Wall Street Estimates in Q3
Citing latest data compiled by FactSet, a report by CNBC News is claiming that Tesla has surpassed Wall Street analysts’ expectations by delivering 83,500 vehicles during the third quarter. The analysts had estimated 80,500 deliveries during the quarter, notes the source.
The company’s shares, however, fell 1.3% in midmorning trading as investors continue to show concern about the company’s profitability while citing disappointment that the electric car maker didn’t release more detailed data on its production costs and sale prices.
“With production stabilized, delivery and outbound vehicle logistics were our main challenges” during the third quarter, Tesla said in a statement. The company said it made many improvements to its processes throughout the quarter and plans to make further improvements in next quarter as well.
Its overall deliveries, which included 55,840 of its Model 3 sedans, were comparable to 80 percent of all of its deliveries for 2017, the company said Tuesday. Model 3 deliveries were slightly above consensus estimates of 55,600, according to FactSet. Analysts had lowered their prior estimates over the last week or so, making it easier for Tesla to beat Wall Street expectations.
Tesla also revealed that it is accelerating construction of the Shanghai factory to try to minimize the impact of the tariffs, which have increased the tax rate on Teslas sold in China to 40%, compared with 15% for all other imported cars.