Tesla sets all-time production and delivery record for Q3 2020, shares drop

Tesla Model 3 delivery

After Q2 2020 which saw Tesla shut down their only car production facility in North America for 2 months due to the coronavirus pandemic, the automaker was expected to make a big splash in Q3 2020.

This morning, Tesla announced their initial production and delivery numbers, and hit it out of the park setting a new all-time record for both production and deliveries.

In the announcement, the automaker confirmed record production of 145,036 vehicles and record deliveries of 139,300 for Q3 2020.

These numbers are right on target for Tesla to still reach their annual guidance of 500,000 deliveries for the year. Those numbers were reiterated after their Q2 2020 report which saw production hampered by a 2-month shutdown of its facility in Fremont.

Tesla’s previous production record was in Q4 2019 when just under 105,000 vehicles were produced. The previous delivery record was also set in Q4 2019 with 112,000 deliveries worldwide.

Tesla shares (TSLA) were down 3% after the announcement.

Tesla shares Oct 2 2020

Here is Tesla’s full press release.

PALO ALTO, Calif., October 2, 2020 – In the third quarter, we produced just over 145,000 vehicles and delivered nearly 140,000 vehicles.

 

Production Deliveries Subject to operating lease accounting
Model S/X 16,992 15,200 13%
Model 3/Y 128,044 124,100 7%
Total 145,036 139,300 7%

 

In terms of days of sales, new vehicle inventory declined further in Q3 as we continue to improve our delivery efficiency.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca