Economy

Tesla beat its Model 3 production goal, but will it hit profitability?

Tesla beat its Model 3 production goal, but will it hit profitability?

53,239 Model 3 vehicles, which was in line with our guidance and nearly double the volume of Q2. After missing earlier goals, Tesla hit a targeted weekly production rate of 5,000 Model 3s in final week of the second quarter.

In total, the company produced 80,142 cars across all models.

The company said it made 53,239 Model 3 vehicles, in line with its outlook for 50,000 to 55,000, and almost double the number produced in the second quarter. Some worry the parked cars represent an overflow of vehicles Tesla has produced that it doesn't have enough customers for; Business Insider noted in July there was talk of Model 3 pre-order cancellations.

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Demand for Model S and X remains high.

The release did not directly address the lots full of Tesla cars that have reportedly filled up around the country, from the San Francisco Bay Area to Los Angeles, Seattle, Las Vegas, Salt Lake City, Dallas, and Chicago, as The New York Times reported Tuesday.

Tesla produced over 5,300 Model 3 cars in the last week of September, falling short of its target of 6,000.

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"Taking ocean transport costs and import tariffs into account, Tesla is now operating at a 55 to 60 per cent cost disadvantage compared to the exact same auto locally produced in China". Averaged over the quarter, the production number comes out to 4,295 cars per week.

"With production stabilized, delivery and outbound vehicle logistics were our main challenges during Q3", the company said in a statement. We made many improvements to these processes throughout the quarter, and plan to make further improvements in Q4 so that we can scale successfully. An additional 8,048 of the sedans were in transit to customers. The company said it delivered 14,470 Model S and 13,190 Model X; as with the Model 3, the company delivered a few more of the expensive luxury models than it built.

We want to thank the entire Tesla team for executing so well during this challenging ramp up in deliveries. When confronted by customers waiting for vehicles for which they've put down a payment, Musk has said Tesla is encountering difficulties delivering cars to customers due to a shortage of car-hauling trucks, but experts say no such shortage exists and that other automakers are shipping their cars around the U.S. just fine.

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