Tesla announced its Q3 2020 delivery and production numbers today. The automaker delivered an all-time record of 139,300 vehicles. The automaker also produced a total of 145,036 vehicles.
The latest results come against the backdrop of a tough economic climate on a global scale. On September 26, CEO Elon Musk confirmed on Twitter that Q3 was “one of our [Tesla’s] toughest quarters in global logistics.”
Examining Tesla’s Q3 Numbers
According to the report published by Tesla, the company did not break out its delivery and production numbers by region.
Model S and Model X’s delivery numbers were combined, alongside the figures of the Model 3 and the Model Y. The latter two models took the lion’s share of delivery numbers, with a total of 124,000 during Q3. This translates to roughly 89% of total deliveries. The Models S and X, formed the remaining 11% with deliveries of 15,200 vehicles.
During Q3, the company has produced EVs more than it has delivered. This stands in contrast to Tesla’s Q2 results. Tesla’s output in Q2 was tallied at 90,650 deliveries and the production of 82,000 vehicles.
Tesla’s Q3 numbers, however, are bigger by a considerable margin. The automaker’s delivery and production numbers took a hit during Q2 due to a key reason: the lockdowns that were imposed by governments worldwide during the first outbreak of the coronavirus.
Tesla Q3 Numbers: Slightly Surpassing Expectations
Tesla’s Q3 performance exceeded the expectations of Wall Street analysts by a slim margin.
Joseph Spat at RBC Capital stated this week that he expected sales of around 144,600 vehicles for the quarter. Emil Rosner at Deutsche Bank initially expected total deliveries of 140,000. The analyst then lowered his expectations on a delivery of 130,000 units.
Other analysts expected Tesla to report 137,000 deliveries throughout Q3. The company beat that number by 2,300 units.
Q3 deliveries are up 43% year-on-year, while production numbers are up 67% during the same timeline.
Tesla’s report also stated that the company’s net income, cash flow and other metrics will be announced in the upcoming Q3 financial statement.
The report also mentions that “final numbers could vary up by 0.5% or more”.