Tesla announced it had delivered 241,300 vehicles in the third quarter, exceeding analysts’ expectations and despite global supply chain issues.

                By                    Yaёl Bizouati-Kennedy

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Analysts had predicted that Tesla would deliver around 220,900 electric cars during this period, according to CFRA Research.  

Tesla said it had produced 237,823, according to an announcement, adding, “We would like to thank our customers for their patience as we work through global supply chain and logistics challenges.” In comparison, in the second quarter, the company produced and delivered just over 200,000 vehicles. 

Of the vehicles produced in the third quarter, 228,882 were its Model 3 and Y vehicles, and 8,941 were its Model S and X.

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The company added that its 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.”

“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,” the company said.

During an investor call in July, Tesla CEO Elon Musk addressed the supply chain issues, noting that “while we’re making cars at full speed, the global chip shortage situation remains quite serious. For the rest of this year, our growth rate will be determined by the slowest part in our supply chain which is a — there’s a wide range of chips that are at various times the slowest part in the supply chain,” according to the transcript of the call.

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“Once again, TSLA exceeds quarterly sales expectations despite headwinds from semiconductor shortages. Much more important than the quarterly beat are the status of construction at its new factories in Texas and Germany as well as the timing of first production of the Cybertruck and Semi, on which we expect an update in tandem with its earnings release,” Garrett said in the note. “We remain at a Hold on valuation and due to concerns related to increasing EV competition and uncertainties related to the infrastructure bill/future tax credits, as various lawmakers increasingly withdraw their prior support for the infrastructure bill,” he added.

Tesla will hold its 2021 Annual Meeting in its Gigafactory in Austin, Texas on Thursday, Oct. 7.