Tesla Provides Update on Q3 Vehicle Production and Deliveries

Tesla (TSLA) posted its vehicle production and delivery numbers for Q3. The electric vehicle giant said that it produced about 238,000 vehicles and delivered over 240,000. TSLA shares fell 0.03% to close at $775.22 on October 1.

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Tesla is a U.S. company that designs and manufactures electric cars, energy generation, and storage systems.

During the quarter, the company produced 8,941 Model S/X and delivered 9,275. In addition, it produced 228,882 Model 3/Y and delivered 232,025. The company’s production and delivery numbers were impressive despite it experiencing global supply chain and logistics headwinds.

Additionally, the automaker insisted that the delivery count was conservative as it only included cars delivered to customers with the correct paperwork. Consequently, the final number could vary by up to 0.5% or more. (See Tesla stock charts on TipRanks)

Recently, Wedbush analyst Daniel Ives reiterated a Buy rating on the stock with a $1,000 price target, implying 29% upside potential to current levels.

According to the analyst, Tesla’s Q3 deliveries of 241,000 beat even the bull case whisper numbers. The impressive performance was mostly driven by robust Model 3/Y sales that stood at 232,000.

“Taking a step back, with the chip shortage a major overhang on the auto space and logistical issues globally, these delivery numbers were ‘eye-popping’ and speak to an EV demand trajectory that looks quite robust for Tesla heading into 4Q and 2022,” Ives said.

Consensus among analysts is a Hold based on 12 Buys, 7 Holds, and 7 Sells. The average Tesla price target of $690.18 implies 10.97% downside potential to current levels.