Underwhelming High – Tesla’s Comeback? ⚡

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Underwhelming High – Tesla’s Comeback?

After a couple of weird quarters for Tesla where growth slowed and production declined for the first time, the electric vehicle company recorded a strong comeback. Tesla delivered 343,830 vehicles in the quarter ending in September, a major improvement from 255,000 vehicles in the previous quarter. These are record delivery numbers for the company, but that seems to be the last highlight from the report.

Analysts actually expected Tesla to deliver 371,000 vehicles this quarter, so they missed expectations by a slight margin. This will force them to deliver extra vehicles next quarter in order to meet the annual growth target for 2022, and concerns were shared. People believe that competition in the EV industry is starting to catch up to Tesla, and demand for the vehicle is decreasing. Musk and the company said that the changes they are making to their delivery process were reflected in the delivery miss and that the company is not facing demand issues but production constraints instead. The Texas and Germany factories are slowly starting to produce vehicles while Shanghai is continuing to recover from the lockdowns earlier in the year. The industry has become rather competitive after government incentives have empowered EV companies to sell as many cars as possible, so the road is uphill for Tesla. Analysts don’t believe they will hit the annual growth target, which requires them to deliver 495,000 vehicles next quarter, but if anyone can pull off a surprise it would be Musk and Tesla.

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