Tesla delivered way more Teslas than it produced last quarter
That’s helping it claw its way through its surplus.
Last year Tesla had a supply problem — too much of it. Not so much anymore.
According to third-quarter numbers released today, Tesla sold a record 497,000 vehicles, thanks to pulled forward demand from disappearing EV credits and huge discounts. That same quarter, Tesla produced only 447,000 — or about 50,000 fewer than it sold.
Generally, the company had been dialing back production, including stopping work at some of its plants, to deal with falling demand prior to this surge. Tesla is technically capable of producing 2.35 million vehicles a year but is expected to sell only about 1.6 million this year, per FactSet analyst consensus estimates. Together with the epic third quarter, that’s helped put a dent in what had been a vehicle surplus.
From 2020 through the second quarter of this year, Tesla had produced 130,000 more vehicles than it sold, according to our analysis of Tesla data. After Q3, that’s around 80,000.