Tesla Inc (NASDAQ: TSLA) will likely open in the red on Monday considering the electric vehicles manufacturer, over the weekend, reported less than expected deliveries for its fiscal third quarter.
Tesla produced a lot more vehicles than Q2
The multinational delivered 343,000 vehicles this quarter, falling reasonably short of 364,660 that experts had forecast. Tesla produced 365,000 vehicles in Q3 – the majority of which (345,988) were Model 3 and Model Y.
Total production, it confirmed in the press release, was up 41% sequentially.
Among the headwinds in the fiscal third quarter were higher commodity prices, cash burn at the Texas and Berlin giga factories, and executive turnover. In July, the Nasdaq-listed firm also had put off most of its production at the Shanghai factory to upgrade the facility that resumed in August.
Earlier in September, Wolfe Research recommend buying Tesla stock and said it had upside to $360.
Numbers were up significantly from last year
Both deliveries and production, nonetheless, were up on a year-over-year basis. In the same quarter of 2021, it had delivered 254,695 vehicles and produced 237,823.
Around the start of its third quarter, Tesla lowered its headcount in the U.S. and mandated that its staff returns to office, which resulted in further dismissals and resignations in the subsequent months.
Earlier this month, though, executives said August was record monthly production at its Fremont factory and that the Austin facility had also hit the production rate of 1,000 cars per week.
Versus the start of 2022, shares of Tesla Inc are down nearly 35%.