During the third quarter of 2023, Tesla once again increased its overall global electric car production and sales, compared to the previous year, although it was one of those rare quarters without new records.
No record does not mean that there is anything wrong, as Tesla simply needed some factory upgrades, which caused a temporary reduction in the manufacturing output (by a level of almost 50,000 or 10 percent compared to Q2). Deliveries were lower by a level of 30,000 compared to Q2 (partially offset by the cars sold from the manufacturer's inventory).
Perspectives for the fourth quarter are positive as the upgraded manufacturing plants are expected to increase production to new record levels.
In this post, we will take a look at the numbers and charts to visualize the progress and to better understand what is happening and what to expect in the near future.
Results Q3 2023
In Q3, Tesla's global electric car production amounted to 430,488, which is 18 percent more than a year ago.
As always, the lion's share falls on the Model 3/Model Y - 416,800 (up 20 percent year-over-year). Interestingly, the Model S/Model X production decreased year-over-year by 31 percent to 13,688, the lowest level since Q4 2021 (13,109).
The total global deliveries amounted to 435,059 (up 27 percent year-over-year), which is a pretty solid result.
In terms of the two vehicle groups, the Model 3/Model Y duo noted 419,074 deliveries (up by 29 percent year-over-year), while the Model S/Model X duo noted 15,985 deliveries (down 14 percent).
Tesla Q3'2023 results (YOY change):
- Total production: 430,488 (up 18%)
- Model 3/Y production: 416,800 (up 20%)
- Model S/X production: 13,688 (down 31%)
- Total deliveries: 435,059 (up 27%)
- Model 3/Y deliveries: 419,074 (up 29%)
- Model S/X deliveries: 15,985 (down 14%)
None of the numbers include the Tesla Semi electric truck.
Results Q1-Q3 2023
So far this year, Tesla produced over 1.35 million electric cars globally and delivered over 1.32 million electric cars to customers.
Production increased by 45 percent year-over-year, while deliveries noted a 46 percent increase.
Tesla Q1-Q3'2023 results (YOY change):
- Total production: 1,350,996 (up 45%)
- Model 3/Y production: 1,298,382 (up 48%)
- Model S/X production: 52,614 (up 4%)
- Total deliveries: 1,324,074 (up 46%)
- Model 3/Y deliveries: 1,278,169 (up 49%)
- Model S/X deliveries: 45,905 (down 7%)
For reference, in 2022, Tesla produced 1,369,611 electric cars (up 47 percent year-over-year) and delivered 1,313,851 (up 40 percent year-over-year). It means that the company already matched the whole of 2022 with one quarter to go.
- Q3: 435,059 (up 27%)
- YTD: 1,324,074 (up 46%)
Deliveries by model
- Model 3/Y deliveries
Q3: 419,074 (up 29%)
YTD: 1,278,169 (up 49%)
- Model S/X deliveries
Q3: 15,985 (down 14%)
YTD: 45,905 (down 7%)
Most recently, Tesla produced its five millionth electric car. As of the end of the third quarter, the cumulative deliveries were close to 5,000,000 units with over 4.3 million Model 3/Model Y and over 646,000 Model S/Model X.
- Q3: 430,488 (up 18%)
YTD: 1,350,996 (up 45%)
Production by model
- Model 3/Y production
Q3: 416,800 (up 20%)
YTD: 1,298,382 (up 48%)
- Model S/X production
Q3: 13,688 (down 31%)
YTD: production: 52,614 (up 4%)
During the past four quarters, Tesla delivered more than 1.72 million electric cars, while production exceeded 1.79 million units. It means that there should be no issue in meeting the 1.8 million vehicle target in 2023 (compared to 1.3 million units in 2022).
Tesla's long-term goal is to increase sales by about 50 percent year-over-year.