Tesla's Q3 Vehicle Numbers Fell Short
Tesla missed Wall Street's expectations for Q3 2023, and the excuses are starting to wear thin. Let's look at the numbers:
Q3 2023:
- Deliveries: 435,059
- Production: 430,488
- Stock price: $251.60
Q2 2023 for comparison:
- Deliveries: 466,140
- Production: 479,700
That's a 7% sequential drop in deliveries. Tesla says it was planned, blaming factory downtimes for upgrades. Elon mentioned this might happen in an earlier earnings call, so at least they warned us. But here's what bugs me.
Analysts expected 461,640 deliveries. Even Troy Teslike, an independent Tesla researcher who's usually more conservative, predicted 441,000. Both were way off. The stock barely moved though, staying around $251.60, which tells me the market already knew this was coming.
Tesla still doesn't break down deliveries by individual model or region. They lump everything into two groups: Model S/X and Model 3/Y. For a company this size, that lack of transparency is frustrating.
They did unveil the updated Model 3 "Highland" with rear touchscreens and ventilated seats. Nice features, but are they enough to justify the premium when Ford and GM are catching up?
Look, factory upgrades are necessary. I get that. But at some point, Tesla needs to show they can grow production without constant disruptions. The EV market's expanding fast, and competitors aren't taking downtimes.