Tesla reported its best-ever quarterly production and sales volume, though output of the critical Tesla Model 3 sedan didn’t surpass the 5,000-per-week rate the company labored to move beyond.
Tesla Model 3 Production Factory
The electric-car maker also announced an across-the-board $2,000 price cut on all its models to help offset a reduction in the federal tax credit U.S. consumers get for buying its vehicles.
The quarterly delivery tally was about 2,000 units below a consensus forecast, however, and the pricing move apparently didn’t please investors.
Tesla dropped as much as 10% in early trading and closed at $310.12, down 6.8% in regular Nasdaq trading.
The Palo Alto, California-based company built a total of 86,555 vehicles in the final quarter of 2018, 8% more than in the third quarter that was Tesla’s previous production peak.
That included 61,394 Model 3s and 25,161 Model S and X sedans and crossovers, Tesla said in a statementearly Wednesday.
Deliveries to customers totaled 90,700, including 63,150 units of Model 3. By comparison, CNBC reported that consensus expectations were for 92,000 total deliveries, including 64,900 Model 3s, the average of estimates analysts compiled by FactSet.
While the Model 3 production figure was 15% better than in the third quarter and generally in line with guidance given by the company in its results call, it remained just below 5,000 per week at 4,723 since there were 13 weeks in the fourth quarter 2018 (albeit with some time off for Thanksgiving and Christmas).
Earlier in 2018, Tesla CEO Elon Musk said he anticipated the company would be building the car at a 6,000-unit-per week rate by late in the third quarter, a goal that wasn’t achieved.
(The company confirmed in a November 2018 filing that the Securities & Exchange Commission and Justice Department are reviewing Musk’s public comments from 2017 regarding production targets.)
¿How Many Tesla Model 3 Cars Have Been Made?
Tesla accomplished something no other automaker can claim: It made a relatively affordable electric car, the Tesla Model 3 production, that hundreds of thousands of people lined up to buy.
The only problem is that Elon Musk and company couldn’t produce enough of them.
Sluggish output after the Tesla Model 3 production launched in July 2017 frustrated fans and confounded Wall Street.
That’s why Bloomberg built its own tool to estimate the number of Model 3s rolling out of the factory in Fremont, California.
This projection relies on Vehicle Identification Numbers (VINs), unique strings of digits displayed on every new car sold in the U.S.
Our best estimate is that Tesla Model 3 has manufactured 214,964 Model 3s so far—or 59,301 in the current quarter—and is now building approximately 5,688 a week. Those figures, and the charts below, represent Bloomberg’s latest estimates and will automatically update to reflect changes in the data.
Tesla Page: https://www.tesla.com/model3