Tesla missed market estimates for third-quarter deliveries on Monday as planned upgrades at its factories to roll out a newer version of the Model 3 mass-market sedan forced production halts.
  • Tesla reported a decrease in total deliveries for the third quarter of 2023 compared to the previous quarter, delivering 435,059 vehicles.
  • Despite the decline in deliveries, Tesla achieved a production of 430,488 vehicles, highlighting its manufacturing capabilities.
  • The decrease in deliveries and production was anticipated due to summer shutdowns for factory upgrades and price reductions on inventory vehicles and existing models.
  • AutoTL;DR@lemmings.worldBEnglish
    3·
    1 year ago

    This is the best summary I could come up with:

    Oct 2 (Reuters) - Tesla (TSLA.O) missed market estimates for third-quarter deliveries on Monday as planned upgrades at its factories to roll out a newer version of the Model 3 mass-market sedan forced production halts.

    Some analysts believe the upgrades could spark a rebound in deliveries in the fourth quarter by allowing Tesla to refresh its line-up with models that could compete better with offerings from U.S. rivals such as Ford and BYD in China.

    Deliveries of the updated and higher-priced Model 3 compact sedan are expected to start in the fourth quarter, while a Cybertruck launch event is also planned later this year.

    Tesla has also been cutting prices aggressively to counter the effect of a slowing EV market, while fending off competition from upstarts and legacy players.

    “They are going to keep the pressure up on their competitors,” said Thomas Martin, senior portfolio manager at Globalt Investments, which holds Tesla shares, adding the company could cut prices even further.

    Meanwhile, electric-pickup maker Rivian Automotive (RIVN.O) reported third-quarter deliveries above analysts’ estimates and reaffirmed its annual production target of 52,000 vehicles.

    The original article contains 407 words, the summary contains 182 words. Saved 55%. I’m a bot and I’m open source!