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Tuesday, October 19, 2021

Tesla Reports Record Quarterly Deliveries Amid Chip Scarcity

Even as more established automakers reported slowing sales due to supply constraints, Tesla said on Saturday that it achieved a significant increase in global deliveries of its electric vehicles in the third quarter.

The company said it delivered 241,300 vehicles in a three-month period, its highest quarterly so far. This is 20 percent more than in the second quarter and 73 percent more than in the third quarter of last year.

Tesla does not break down shipments by country. Much of its recent growth has come from sales in Europe and China.

On Friday, major automakers, including General Motors and Toyota, said they were recently hit by declining U.S. sales due to worldwide semiconductor shortages, as disruptions from the pandemic led to plant shutdowns and freight transport delays.

In its brief announcement on Saturday, Tesla hinted that the issues did not affect it. “We would like to thank our customers for their patience in solving global supply chain and logistics challenges,” the company said.

When the company announced second-quarter earnings in July, CEO Elon Musk said the company had overcome the shortage by moving to more affordable chips and writing new instructions for embedding into chips – known as firmware. But he also said Tesla had to suspend production due to a lack of parts.

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Tesla said third-quarter shipping data, the best indicator of its sales, was an initial estimate that “should be viewed as somewhat conservative.”

The company said it produced 237,823 vehicles in the quarter, of which 228,882 were either Model 3 or its larger Model Y. In total, 8,941 vehicles were produced – the Model S luxury sedan and Model X SUV. Just over half of the total for period a year ago.

Production of the Model S and Model X has been suspended for a while this year while Tesla prepares its Fremont, Calif. Plant for upgraded versions.

Despite far outperforming more established companies in sales, Tesla is the most highly regarded automaker in the world with a market capitalization of over $ 770 billion. But it faces renewed competition as electric vehicles move from niche to mass production.

Rivian, a US electric truck maker with over $ 10 billion in investments from Amazon, Ford Motor and several Wall Street firms, filed papers with the Securities and Exchange Commission on Friday ahead of its initial public offering.

Lucid Motors, led by former Tesla executive Peter Rawlinson, said it would soon begin supplying a luxury sedan capable of up to 520 miles on a single charge of its battery pack, roughly 100 miles farther than Tesla’s longest range. model.

World Nation News Deskhttps://www.worldnationnews.com
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