Tesla delivers record number of cars in Q3
Sales of the Model 3 grew while the Model S and X saw a slight drop in figuresBy Humza Aamir
In brief: Tesla's record-breaking quarter saw it making and delivering more cars than ever, although not enough to impress Wall Street where its stock fell nearly 4 to 5 percent in after-hours trading.
Tesla had a record-setting Q2 in terms of vehicle production and delivery, and this trend saw a slight improvement in the latest quarter where the company managed to produce 96,155 vehicles and deliver approximately 97,000 units.
Most of these were Model 3 deliveries which saw a steady growth of 79,600 units as compared to 77,550 in Q2, while the combined delivery figures of the high-end Model S and X dipped slightly to 17,400 in the latest quarter as compared to 17,650 in Q2.
The mid-range and most affordable Tesla was able to generate "strong organic demand," as nearly all of the Model 3s delivered this quarter went to customers who didn't have a reservation, continuing the trend from Q2.
"We achieved record net orders in Q3 and are entering Q4 with an increase in our order backlog," said Tesla. The company "has a shot" at delivering 100,000 cars for the next quarter, which works out to almost 8,333 cars per week.
The company's Gigafactory in Shanghai, China will most likely help in achieving the milestone as the facility is reported to have a production capacity of 1,000 cars per week by this year's end.