Tesla’s total third-quater vehicle deliveries topped its own guidance and Wall Street expectations on Tuesday.
Model 3 deliveries fell short of analyst expectations, but beat Tesla’s own forecast.
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Tesla delivered 52,239 Model 3 sedans in the third quarter, it said Tuesday, topping its own guidance of 52,425 — but falling short of Wall Street’s expected 55,600. Total vehicle deliveries came in at 83,500, beating both the company’s forecasts and analysts’ expectations.
Shares of Tesla were little changed following the announcement.
“In Q3, we were able to significantly increase Model S and X deliveries notwithstanding the headwinds we have been facing from the ongoing trade tensions between the US and China,” the company said in a press release.
“Those trade tensions have resulted in an import tariff rate of 40% on Tesla vehicles versus 15% for other imported cars in China.”
The electric-car maker said it’s still on track to deliver 100,000 Model S and Model X vehicles for 2018.
Tesla’s Model 3 is widely seen as the company’s path to profitability. However, the current run rate may not be sufficient for Tesla to become cash-flow positive this year, as CEO Elon Musk has stated. According to Evercore Research, Model 3 deliveries of between 65,000 and 70,000 “will give Tesla a strong probability of achieving its financial targets.”
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Source:: Business Insider