Tesla delivers more than 7,900 Model 3 sedans

Tesla delivered more than 7,900 Model 3 sedans in the third quarter, the electric-car maker said on Thursday, as it continues to ramp up production to meet the production targets set in August. Tesla…

Tesla delivers more than 7,900 Model 3 sedans

Tesla delivered more than 7,900 Model 3 sedans in the third quarter, the electric-car maker said on Thursday, as it continues to ramp up production to meet the production targets set in August.

Tesla missed the high end of its own guidance for vehicle deliveries, which was 11,000 vehicles, due to the lack of enough of the Gigafactory’s new supply of the high-capacity battery packs. Tesla said it was having issues getting the batteries from the plant in the United States to its factory in China. Tesla has been facing a run-on-the-bank situation with its supply of batteries and is limited in the number of Gigafactory modules it can produce.

Though Tesla still missed its guidance, the 7,900 units delivered was better than the 3,500 units that analysts had predicted.

Tesla has a vested interest in beating its car delivery projections, since a miss tends to negatively affect the stock. Tesla’s shares, however, rose following the news, up by 3.24% to around $272 at the time of writing.

Tesla said it is struggling to get enough batteries to meet the demand of its customers. Tesla will make up for the shortage in the fourth quarter, and then it will regain the shortfall in Q1 2021, the company said. Tesla also said that it is running out of capacity in its Gigafactory factory, and that it is exploring ways to expand the plant through other facilities.

Tesla faces something of a shortage in component components such as wiring, bumpers, seats, suspension springs, and body components. The car maker has also said that it is short of some key safety parts such as seat belts and airbags.

At an analysts’ conference on Wednesday, Elon Musk, the CEO of Tesla, said that by the end of the year, Tesla will double its vehicle production capacity and triple its assembly capacity. For reference, Musk said Tesla was producing around 20,000 Model 3 cars and that it would double its production capacity for the vehicle by the end of 2018. But this will have to come from suppliers, he added.

Tesla is striving to build more than 100,000 vehicles a year by the end of next year. A Tesla spokesperson did not provide a figure for the overall company’s production.

Click here to see how analysts reacted to the car maker’s latest data.

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