Throughout the last few years, much of the automotive industry has been affected by a number of factors, including component shortage, buyer demand, and factory issues due to COVID-19 and other problems. Tesla hasn’t been immune. The company has continued to move multitudes of electric vehicles, but its impressive performance has been followed by a growing shadow of issues that threatened to catch up as they grew. Q3 2022 seems to be indicative of that for Tesla as the company missed expectations for delivery of vehicles for the quarter.
Word of Tesla’s missed target on vehicle deliveries for Q3 2022 comes out of a report at Reuters. Reportedly, the company was expected to move around 359,000 EVs throughout the quarter, but it fell shy of that number with only 343,840 vehicles actually delivered for its fiscal Q3 2022. Tesla has, for the most part, been able to keep its resources and components secured for manufacturing and managed to produce 366,000 vehicles across the quarter, as shared by Tesla Investor Relations rep Martin Viecha.
Tesla’s short numbers against expectation is not so much an issue of supply, as shared above, but more of an issue of demand, as the entire automotive industry struggles against a weakened global economy.
“The economy around the edges is still having a negative impact for Tesla that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives said on the matter. “There is a dark cloud over the auto sector. And Tesla is not immune.”
Tesla itself also shared words on its shortcomings against expectations.
“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” the company said in a statement.
Regardless, 343,840 is nothing to sneeze at and was another quarter of record deliveries for the company. Tesla may have missed expectations, but the company continues to move hundreds of thousands of EVs each quarter, even if a recent recall may not help the situation. It will nonetheless be interesting to see how the global economy continues to move and whether it affects the company further.