Tesla today released their Q3-2020 vehicle delivery and production report, announcing record deliveries of 139,300 vehicles and record production of 145,036 vehicles during the third quarter. Deliveries were up 53% from the second quarter’s 90,891 vehicles, while production grew 76% from a coronavirus-constrained Q2 production number of 82,272 vehicles. Wall Street had expected deliveries of 136,350 vehicles according to FactSet.
Delivery and production results were both quarterly records for Tesla, outpacing Q4-2019 by 24% and 38%, respectively. For the first time in Tesla’s history, the company was able to produce and deliver more than 10,000 vehicles per week.
Tesla has now delivered 318,687 vehicles year-to-date, up 25% to last year despite coronavirus-related production shutdowns in the first half of the year. Heading into Q4, Tesla will need another record quarter, about 181,000 deliveries, to meet their pre-pandemic 2020 guidance of 500,000+ deliveries.
With production ramping up in Giga Shanghai and on Model Y in Fremont, Tesla may still have a shot. At Tesla’s annual shareholder meeting last week, Tesla CEO Elon Musk said Tesla’s 2020 deliveries would likely grow 30% – 40% to last year, implying a range of 478,000 to 515,000 deliveries.
With Q3 deliveries in the books, investors will now turn their attention to Tesla’s Q3 earnings report which will likely be released after market close on Wednesday, October 21 or Wednesday, October 28.
For more on Tesla’s record quarter, please see the included video and be sure to follow Tesla Daily on The Street.
Disclosure: Rob Maurer is long TSLA stock and derivatives.