Share price slides
Tesla disappoints in deliveries
October 2, 2023, 5:23 p.m
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The third quarter is not going according to plan for Tesla. The car manufacturer sells fewer vehicles than planned. The reasons for this are diverse. According to experts, the Musk Group could now change its China strategy to boost sales there.
Tesla delivered fewer electric cars than expected in the third quarter. A total of 435,059 vehicles were delivered to customers, the company announced. That was almost seven percent less than in the previous quarter. Tesla justified this by interrupting production to replace machines in factories. Experts had expected around 20,000 more cars to be sold.
The company manufactured 430,488 cars, fewer than it delivered. In recent quarters, Tesla has produced significantly more than it has sold, which experts saw as a reason for billionaire Elon Musk’s company’s significant price cuts. Investors reacted sniffily to the announcement. Tesla shares fell by two percent.
Tesla is on its way to becoming a major manufacturer and plans to build another 1.8 million vehicles this year, which is why Musk boosted sales with discounts. Added to this is the tough price competition in the important Chinese market. Tesla will present financial figures for the third quarter on October 18th after the US stock market closes.
According to some experts, the upgraded factories could boost shipments in the fourth quarter. Tesla could refresh its offering with models that can better compete in China with the offerings of its US competitor Ford and the Chinese electric car maker BYD. Deliveries of the updated Model 3 are expected to begin in China and Europe in the fourth quarter.
Problems at the factory in Grünheide?
There had recently been a noticeable number of serious accidents at work in the German factory in Grünheide. This was reported by “Stern”, citing information from authorities and emergency services. “This frequency of work accidents is not normal,” said the district manager of IG Metall for Berlin, Brandenburg and Saxony, Dirk Schulze. He emphasized that his “greatest concern is that someone will die at some point.”
At times, according to “Stern” information, accidents occurred almost daily at the factory in Grünheide, Brandenburg. According to rescue centers, an ambulance or helicopter was called 247 times in the first year after opening, the magazine reported. Converted to the number of employees, this is three times as many emergencies as, for example, at the Audi plant in Ingolstadt.