Tesla reports stronger-than-expected Q3 sales

Tesla claims it shipped 241,300 electric cars in the third quarter despite the global shortage of computer chips that has impacted the entire automotive industry.

Tesla reports stronger-than-expected Q3 sales

Tesla claims it shipped 241,300 electric cars in the third quarter despite the global shortage of computer chips that has impacted the entire automotive industry. According to FactSet data provider, sales at Palo Alto, California's company from July to September beat Wall Street estimates for 227,000 worldwide sales. The company's third quarter sales increased 72% compared to the 140,000 deliveries it made last year. Tesla has sold 627,300 cars so far this year. This puts it on pace for beating last year's 499,550 total. In a note to investors, Daniel Ives, a Wedbush analyst, stated that electric vehicle deliveries have been steady in China and the U.S. for the past month. This means that Tesla will see an "eye-popping growth trajectory" in 4Q and 2022, according to (CEO Elon Musk & Co). However, Ives estimates that Tesla's annual deliveries will be reduced by 40,000 due to a chip shortage. He estimated that there would be at least 860,000 deliveries, with a bull market of approximately 900,000. "In a brief summary, with chip shortage headwinds and China demand still recovering from earlier in the year, and EV competitors coming from all angles," he wrote. The Model 3 sedan and Y crossover were the most popular, with 232,025 and 9,275 sales respectively. Tesla claimed that it produced 237 823 vehicles in the quarter.

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