Tesla Meets Model 3 Production Targets, Misses Delivery Estimates

Tesla produces 53,239 Model 3s in the quarter.
By Tony Owusu ,

Tesla Inc. (TSLA) - Get Report announced that it produced 80,142 vehicles in the third quarter, a new all-time high and an increase of 50% from the previous record it set in the second quarter. 

Of that number, 53,239 of those vehicles were Model 3s, up from 28,578 Model 3s made in the previous quarter. The company had forecast that it would produce between 50,000 and 55,000 Model 3 cars. 

The company said that it produced 5,300 Model 3 vehicles in the final week of the quarter.

Tesla delivered 83,500 total vehicles in the third quarter, including 55,840 Model 3s, 14,470 Model S and 13,190 Model Xs. Tesla said that its full-year goal of 100,000 Model X and Model S deliveries remains unchanged. Analysts were expecting the company to deliver 82,000 vehicles. Analysts polled by FactSet were expecting the company to deliver 56,000 Model 3s in the quarter.

Tesla shares were down 0.2% in morning trading. 

The company also said Tuesday that it was accelerating the construction of its factory in Shanghai and that it expects the build-out to be quick and "capital efficient."

The company said that it was able to "significantly increase Model S and Model X deliveries notwithstanding headwinds been facing from ongoing trade tensions between the U.S. and China."

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