Tesla Beats Q3 Delivery Estimates With Record 497,099 Vehicles
Tesla shares opened higher on Thursday but later slipped 1.6% by 11:09 a.m. ET after the company reported record third-quarter deliveries that exceeded Wall Street expectations.
Record Deliveries vs. Estimates
Tesla delivered 497,099 vehicles in Q3, beating the Bloomberg consensus of 439,600. Vehicle production totaled 447,450, just under the 450,313 estimate and down 4.8% year-over-year. Deliveries, however, rose 7.4% compared to last year.
Model 3 and Model Y Drive Growth
The Model 3 and Model Y led the results with 481,166 deliveries, a 9.4% year-over-year increase and well above the 424,828 estimate. Production of these models reached 435,826, down 1.8% from last year.
Other Tesla models accounted for 15,933 deliveries, missing expectations of 17,184. Still, this represented a 53% increase from the previous quarter. Production of these models came in at 11,624, down 13% quarter-over-quarter.
Tesla Energy Business Hits New Record
Tesla also reported a record for its energy division, deploying 12.5 GWh of energy storage products in Q3.
Analysts React to Q3 Results
Gene Munster of Deepwater Asset Management suggested much of the delivery upside was driven by U.S. tax credits, though some improvements in China also contributed. While investors believe gains are sustainable, Munster estimated that 90% of the upside came from credits.
Meanwhile, Wedbush analyst Dan Ives described the quarter as a “bounceback” for Tesla, helping lay the groundwork for future growth. However, he cautioned that demand challenges remain as EV tax credits phase out, adding that autonomous driving progress remains the key focus.
