Tesla CEO Elon Musk has told investors he expects the company produce between 360,000 and 400,000 vehicles in 2019 and has posted record Q3 volumes, as widely predicted.
Tesla said it achieved record net orders in Q3 and is entering Q4 with an increase in our order backlog. However, there are concerns that it has missed targets and will need to over-perform in Q4 to hit annual targets. The company delivered around 97,000 vehicles (short of a 100,000 figure Musk has suggested was achievable) and built a record 96,155 vehicles last quarter, consisting of 79,837 Model 3s and 16,318 of the pricier Model S and Model X. For comparison, it produced 80,142 vehicles in the third quarter of 2018. The Model 3 accounted for only 53,239 units of its output in the year-ago period, with combined production of the Model S and Model X standing at a far more substantial 26,903 units.
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Analysts say Tesla is counting on the opening of its first factory in China and the introduction of the Model Y crossover in late 2020 to begin churning out substantial and sustainable profits. However, Tesla would have to build 105,000 vehicles in the fourth quarter to hit the 360,000 lower end of the annual target.
