Tesla reports big jump in third quarter, delivering 139,300 autos

Technology entrepreneur Elon Musk gives autographs as he visits the Tesla Gigafactory construction site in Gruenheide near Berlin, Germany, on September 3, 2020. (AP)

Tesla delivered 139,300 autos in the third quarter, topping analyst estimates, according to figures released Friday by the electric car company.

Deliveries, a proxy for car sales at Elon Musk’s high-flying company, marked an increase of 43 percent from the year-ago period following the production ramp-up of the Model 3 vehicle.

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Tesla produced 128,044 of the Model 3, an increase of 60 percent from the year-ago level. Overall production was 145,036.

Read more: New Ford CEO Farley replaces CFO, pledges structural, management changes

Ford also reported better-than-expected sales, saying it sold 551,796 vehicles in the third quarter, down 4.9 percent from the 2019 period and better than the 8.0 percent fall that had been projected by Cox Automotive.

Ford pointed to strong demand for its F-series pickup trucks and other larger vehicles.

Automakers have seen surprisingly strong demand for vehicles, fueled by low interest rates and a trend among wealthier consumers shifting funds from vacation and other discretionary items to autos.

But analysts say there are risks to the partial auto industry recovery. These include a limited inventory of vehicles and economic weakness with Washington’s failure thus far to enact another round of stimulus to support households hit by the pandemic.

Shares of Tesla fell 2.6 percent to $436.20 in morning trading, while Ford dipped 0.2 percent to $6.74.

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Last Update: Friday, 02 October 2020 KSA 20:03 - GMT 17:03
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