Tesla sees production increase in Q3 – KION546

By Bridget O’Brian and Ramishah Maruf, CNN Business

Tesla said on Saturday it produced 237,823 vehicles in the third quarter and delivered 241,300, more than double the number of vehicles for the same period a year ago.

In the third quarter of 2020, the company produced 145,036 vehicles and sold 139,300.

This 64% increase in production suggests that the electric vehicle maker will post strong profits for the third quarter of 2021. However, it is not known when the company will release these numbers, given that Tesla does not typically engage with them. professional news media.

The automaker’s ability to produce so many cars suggests that it has somehow found a way to tame the supply chain issues and chip issues that have haunted the entire auto industry. The company also appears to be able to cope with increased competition from traditional automakers who are only pivoting to sell more electric vehicles.

Wedbush Securities analysts Daniel Ives and John Katsingris said Tesla’s output was around 10,000 more than their estimates.

“Taking a step back, with the chip shortage being a major overhang for the automotive space and logistical challenges globally, these delivery figures were ‘dazzling’ and testify to a trajectory in demand for electric vehicles that seems pretty good. robust for Tesla heading into Q4 and 2022. ”Ives and Katsingris said.

Separately, VW announced on Friday that the ID.4 recorded 6,049 third-quarter sales. In the past year, the compact EV has sold just over 12,000 vehicles. The German automaker hopes to eventually overtake Tesla in electric vehicle sales by launching cheaper alternatives like the ID.4, a compact crossover.

Honda also emerged with a few wins in the last quarter, setting a new mark in annual sales with 82,446 sales of electrified vehicles.

In April, CEO Toshihiro Mibe said the company would “strive” to sell only battery electric vehicles and fuel cell electric vehicles by 2040 in the three main markets where it mainly sells cars – l ‘North America, China and Japan.

“The persistent nature of the microchip shortage and port congestion issues continue to constrain the entire industry, but we are encouraged by record sales of Honda models for which we have an adequate inventory,” said Dave Gardner, Executive Vice President of National Operations at American Honda. .

CNN’s Chris Isidore contributed to this report.

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