Tesla Inc. (NASDAQ: TSLA) reported new electric vehicle (EV) deliveries of 435,059 and production of 4430,488 vehicles in the third quarter of 2023. Deliveries were down 6.7% sequentially but up 18.9% year over year.<\/p>\n
While total deliveries were also a miss compared to estimates of around 455,000, the company\u2019s share price saw a small gain of about 0.8% Monday morning. Tesla attributed the decline to planned factory downtime.<\/p>\n
Tesla reaffirmed its earlier target for deliveries totaling 1.8 million units for the full year, indicating that it is looking to sell some 476,000 vehicles in the fourth quarter.<\/p>\n
Now, the questions begin. Is the company suffering from softening demand? Will it continue to reduce prices, cutting into its profits and making investors unhappy? Tesla said it will report third-quarter financial results after U.S. markets close on Wednesday, October 18.<\/p>\n
Three China-based EV makers, Nio Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ: LI) and Xpeng Inc. (NYSE: XPEV), have reported combined deliveries of 66,831 units in September for a quarterly total of about 200,000. Li Auto delivered more than half that total (105,108), while Nio reported deliveries of 55,432 for the quarter and Xpeng claimed 40,008.<\/p>\n
Another Tesla competitor, Rivian Automotive Inc. (NASDAQ: RIVN) reported third-quarter deliveries of 15,564 units, up 16.5% sequentially, and said it remains on target to deliver 52,000 vehicles in 2023.<\/p>\n
The promised third-quarter launch of Tesla\u2019s Cybertruck did not materialize. Cybertruck was originally due in 2021, but the date keeps getting pushed out. CEO Elon Musk\u2019s last comment on a launch date for the new vehicle only included a statement that delivery would begin this year.<\/p>\n
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