Tesla announces record sales for the third quarter of 2022

Tesla just announced record Q3 2022 sales of $21.45 billion this Wednesday, October 19, 2022. However, these performances are lower than analyst expectations and Wall Street projections.

Tesla financial results
Credit: Tesla

In early October 2022, Tesla announced that it had delivered more than 343,000 electric vehicles in Q3 2022. a record for the manufacturer. Indeed, and this was to be expected, The brand announces exceptional results for the same period.

As a matter of fact, Tesla announced sales of $21.45 billion in Q3 2022. But note that the stock is down 3.5% after the Wall Street close following the earnings release.

In fact, the American manufacturer posted a net profit in Q3 2022 $3.3 billion, or nearly $1.62 billion recorded in the same period last year. However, Tesla says the company could have done better. according to her these profits have been “compressed” by the increase in raw material costs. and production ramp-up issues at its plants in Germany and Texas.

Tesla remains committed to increasing deliveries

Tesla also points to concerns about manufacturing 4680 batteries at its Gigafactory in Berlin. Remember that due to a significant delay, the manufacture of these batteries at the German site has been suspended at one crucial point: the “dry” coating of the electrodes. Finally, the automaker cited the stronger dollar as another factor weighing on its results.

Despite it all, the brand has maintained its determination to meet its delivery growth target of +50% per year on average. However, the task for 2022 promises to be difficult. In order to be successful, that would be necessary Tesla will sell nearly 500,000 vehicles in Q4 2022. The manufacturer assures that it intends to boost its production “as quickly as possible”.

Logistics volatility and supply chain congestion remain immediate challenges, although improving,” says Tesla. But between skyrocketing lending rates, a slowing economy, the impossibility of obtaining purchase subsidies in certain countries (impossible to claim the eco-bonus in France for a Tesla) and entry-level prices that continue to rise with a Model 3 now available for $48,490, many analysts are wondering if Tesla can keep demand that high.

Source : TechCrunch