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Tesla Reports Quarter 3 Sales and Revenue

Tesla says it delivered 241,300 electric vehicles in the third quarter. The company fought the global shortage of computer chips that have hit the entire auto industry.The California company’s sales from July through September beat Wall Street estimates of 227,000 sales worldwide.

Tesla has noticed a surge in sales. In the Third-quarter sales rose 72% over the 140,000 deliveries made for the same period a year ago. The company has sold around 627,300 vehicles. That puts it on pace with last year’s total of 499,550.

Analyst Ives estimated that the chip shortage will knock 40,000 vehicles from Tesla annual delivery number. He estimates the deliveries to be at least 865,000 vehicles, with a bull case of around 900,000.In the third quarter, the smaller Model 3 sedan and Y SUV led the way with 232,025 sales, followed by the larger Models S and X at 9,275. Tesla said it produced 237,823 vehicles for the quarter.

Wedbush analyst Daniel Ives wrote that the pace of electric vehicle deliveries in the U.S. and China has been strong for the past month. The Shares of the EV market leader closed Friday little changed at $775.22. The stock is up less than 10% this year and trails the broader S&P 500, which it joined last year.Tesla currently makes the Model S, X, 3 and Y at its factory in Fremont, Calif., and the Model 3 and Y at its plant in Shanghai. More than 96% of sales this quarter were of the Model 3 and Y.

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