AUSTIN, Texas — Elon Musk's Austin-based Telsa produced a record number of vehicles in this last quarter, but those numbers are still under Wall Street's expectations for the corporation.
According to an article from KVUE's partner the Austin American-Statesman, the manufacturer produced 365,000 vehicles and delivered 343,000 of them to consumers from July through September. The Wall Street analysts created a prediction of delivering 371,000.
Although the full earnings report won't be published until the end of October, Tesla always previews its production and delivery numbers early each quarter. Their preview falls 28,000 short of Wall Street's expectations.
Even with the letdown of Wall Street, the factory is continuing to increase production at the $1.1 billion "Giga Texas" site. Giga Texas is expected to hire over 10,000 employees by the end of 2022, according to the report. Furthermore, the site began producing 1,000 cars a week in August.
Some analysts believe that this Austin facility will assist in boosting Tesla's production numbers moving into 2023. These predictions come after there was a 35% increase in sales in the third quarter compared to the second, wherein Tesla sold 254,000 vehicles between April and June.
The report says that Musk is aiming for Tesla to make half a million vehicles in Austin in 2023, which would make the company one of the highest-volume vehicle factories in the country. The Austin facility has already been producing batteries and the expectation is that this facility will become the largest power cell factory for the entire company.
The improvement Tesla saw between quarters comes as automakers worldwide are struggling to get computer chips and other parts to make cars, which maintains a higher cost of vehicles.
Over the course of the year, Tesla has delivered 908,573 vehicles total. Analysts have shown that the company will need a strong fourth quarter to reach its goal of 50% annual sales growth, meaning the amount of vehicles delivered needs to increase to over 1.4 million to reach the goal.
Read more of the report from the Statesman here.
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