Tesla reported its highly anticipated third-quarter production numbers.
The electric-vehicle leader produced 430,488 cars during the quarter, the bulk of which consisted of Model 3 and Model Y vehicles.
The production decline, down about 7% from the previous quarter's 480,000 vehicles, was caused by expected downtimes resulting from necessary factory upgrades, the automaker said in a statement. Tesla is still targeting a volume of 1.8 million vehicles for 2023.The miss, however, is not a concern for Gene Munster, managing partner at Deepwater Management.
"Big picture, all indications are the new Model 3 and Model Y will be hits along with the Cybertruck, which should start deliveries this year and ramp production throughout 2024," MunsterAnalyst Munster: 1 negative in Tesla report "The one negative in the report is the language around deliveries for the year," Munster added."Most analysts were thinking 'above' 1.8 million. While it's splitting hairs, it's the kind of thing that impacts the stock in the near term."simultaneously released its own production numbers for the quarter, beating analyst estimates of 14,973 in delivering 15,564 vehicles, a 23% increase from the previous quarter.
The company produced 16,304 vehicles during the quarter. Rivian said it still expects to produce 52,000 vehicles for the year.Rivian stock, up more than 30% for the year, at last check fell 3.4% to $23.46..
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