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Business News/ Companies / News/  Tesla Q3 update: 241,300 vehicles delivered in quarter, beating estimates

Tesla Inc said on Saturday it has delivered 241,300 electric cars in the third quarter, beating Wall Street estimates after Chief Executive Elon Musk asked staff to "go super hardcore" to meet targets.

A Bloomberg survey has pegged the deliveries at 223,677. The latest results were higher than than the company’s previous record for 201,250 vehicles in the second quarter.

Tesla has produced around 237,823 units in the third quarter.

"We would like to thank our customers for their patience as we work through global supply chain and logistics challenges," Tesla said in a Nasdaq filing.

Tesla said that net income and cash flow results will be announced along with the rest of the financial performance, when Q3 earnings will be released.

CEO-founder Elon Musk, with a net worth of $213 billion has pipped Amazon's Jeff Bezos recently to become world's richest person again, according to Bloomberg Billionaires Index.

Tesla's stock is up less than 10% so far this year and trails the broader S&P 500, which it joined last year.. The shares of the EV market leader closed Friday little changed at $775.22.

Tesla counts US and China as its its largest markets, and the bulk of sales were of the Model 3 and Y. It currently makes the Model S, X, 3 and Y at its factory in Fremont, California, and the Model 3 and Y at its plant in Shanghai. New plants are under construction in Austin, Texas, and Berlin.

Tesla's revenue grew 98% in second quarter, mainly due to substantial growth in vehicle deliveries, as well as growth in other parts of the business.

Operating income improved in Q2 compared to the same period last year to $1.3 billion, resulting in an 11.0% operating margin.

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Updated: 02 Oct 2021, 09:54 PM IST
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