More cars have been leaving the Tesla plant than a year ago.
Tesla (NASDAQ: TSLA) announced today that the company delivered approximately 24,500 vehicles in Q3, of which 15,800 were Model S and 8,700 were Model X.
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This was an increase of just over 70% from last quarter's deliveries of 14,402. More impressive is the increase of delivered cars when compared to Q3 a year ago. In Q3 of 2015 Tesla delivered 11,580 cars. This means the company increased the deliveries by well over 100%.
Tesla's Q3 delivery count should be viewed as slightly conservative, as the electric car maker only count a car as delivered if it is transferred to the customer and all paperwork is correct.
In addition to Q3 deliveries, about 5,500 vehicles were in transit to customers at the end of the quarter. These will not be counted as deliveries until Q4.
Production rose to 25,185 vehicles in Q3. This was an increase of 37% from Q2 production of 18,345.
Elon Musk's Tesla expects Q4 deliveries and production to be at or slightly above Q3, despite Q4 being a shorter quarter and the challenge of delivering vehicles in winter weather over holidays. Guidance of 50,000 vehicles for the second half of 2016 is maintained.
Starting in Q3, Tesla's quarterly financial releases will no longer include non-GAAP revenue and related financial metrics resulting from vehicles leased through their banking partners or that include resale value guarantees. Tesla will, however, continue to provide additional supplemental information to investors to provide insights into our business.
Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.
All eyes are on Tesla's ability to scale for the production of the Tesla Model 3. Delivering 24,500 cars in three months is not even close to what the company has to do for the Tesla Model 3 in 2017. Read all we know about the Tesla Model 3.