World News – UK – Record quarterly sales bring Tesla closer to 2020 target

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San Francisco – Tesla delivered a record number of cars worldwide in the third quarter, crushing analyst estimates and maintaining its dominance in electric vehicle (EV) sales, making it a tough sales target to end slightly more achievable year

The Palo Alto, Calif.-based automaker delivered 139,300 cars, eclipsing its previous record of 112,000 in the fourth quarter of 2019 and above the 129,950 forecast by analysts polled by Bloomberg

Tesla shares, which have more than quintupled this year, fell 74% to close at $ 415 on Friday 09 This was part of a large sell-off of shares after President Donald Trump revealed a positive test for Covid-19

“We think the Bulls were forecasting deliveries to be between 140,000 and 150,000” vehicles in the last quarter, Jeffrey Osborne, an analyst at Cowen & Co who has a “market performance” rating on the share, report says He estimates Tesla’s annual deliveries will total 462,000 vehicles

Tesla has not said if it still plans to deliver at least 500,000 vehicles this year, which would be a 36% gain from 2019.The company has handed over 318,350 cars to its customers until the 30th. September It will need a booming fourth quarter of around 181,650 worldwide deliveries to reach its target

Tesla might find this difficult, said Toni Sacconaghi, analyst at Bernstein who rates the stock as « underperforming », in a research note « Delivery growth will need to be the highest in the past five years for Tesla to meet its target of delivering at least 500,000 units by 2020, » he writes

At last month’s ‘Battery Day’ event to showcase his technology, CEO Elon Musk reaffirmed the 500,000 target for 2020 by stating that he projected « growth of between 30% and 40% »Compared to last year

Tesla’s strong performance remains a bright spot in pandemic-plagued global auto industry Quarterly sales are a barometer of global demand for electric vehicles as Tesla seeks to maintain its lead over start-ups and established automakers who plan to launch dozens of competing battery-powered vehicles over the next several years According to a recent report by McKinsey & Co, Tesla’s global market share in electric vehicles last year was 16%, industry leader

Musk alerted employees and investors that a record quarter was at hand in an internal email in late September

Tesla said its vehicle inventory had shrunk in the last quarter, thanks to smoother logistics to get cars to customers “New vehicle inventory has declined further in the third quarter as we continue to improve our delivery efficiency, ”he said

Tesla’s mainstream Model 3 made up the bulk of third-quarter deliveries, but results included the Model Y crossover, which started reaching U.S. customers in mid-March Musk predicted it will be a big seller, potentially exceeding the combined volume of all other vehicles in Tesla’s lineup

Shipments of Tesla’s older and more expensive Model S and X fell 13% to 15,200 vehicles in the quarter compared to a year ago

Tesla assembles the Model S, X, 3 and Y at its US auto plant in Fremont, California It also manufactures the Model 3 at a plant in Shanghai The company is building new plants at a site near Austin, in Texas, and outside of Berlin

Tesla does not break down production or sales by region, making it difficult to know how many cars the Shanghai plant, where Tesla makes the Model 3, have started.The United States and China have long been the Tesla’s most powerful markets

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Posted by Arena Holdings and distributed with Financial Mail on the last Thursday of every month except December and January

Posted by Arena Holdings and distributed with Financial Mail on the last Thursday of every month except December and January

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