Tesla Records Unexpectedly Higher Sales In The Third Quarter

California-based electric vehicle and clean energy company, Tesla has announced the delivery of 241,300 electric vehicles in the third quarter in the wake of worldwide shortage of computer chips that has bedeviled the entire automobile industry.

According to Data provider, FactSet, the Martin Eberhard and Marc Tarpenning founded company sales from July through September beat Wall Street estimates of 227,000 sales worldwide.

There was a 72 percent rise of the 140,000 deliveries in the third-quarter the company made for the same period a year ago.

Tesla has so far this year sold around 627,300 vehicles, effectively putting it on course to soundly beat last year’s 499,550 total.

In note to investors, Wedbush analyst, Daniel Ives opined that the pace of electric vehicle deliveries in the U.S. and China has been on the rise for the past month, an implication of an “eye-popping growth trajectory heading into 4Q and 2022 for (CEO Elon) Musk & Co.”

Despite all this, Ives is of the opinion that the global chip shortage will knock 40,000 vehicles from Tesla’s annual delivery number, further estimating the deliveries to be at least 865,000 vehicles, with a bull case of around 900,000.

“In a nutshell, with chip shortage headwinds, China demand still recovering from earlier this year, and EV competition coming from all angles, Tesla’s ability to navigate these challenges this quarter have been very impressive,” he wrote.

The smaller Model 3 sedan and Y SUV led the way in the third quarter with 232,025 sales, with the larger Models S and X at 9,275 following. Tesla said it produced 237,823 vehicles for the quarter.

Tesla, a company currently led by billionaire, Elon Musk who is currently the CEO and the largest shareholder had hit its goal of building about 500 thousand cars last year, with the company ending 2020 with over $19 billion worth of cash as compared to the $6.3 billion it recorded in 2019, a year before. Tesla was also added to the stock market index December, 21, 2020 becoming the largest company ever added, and the sixth-largest company in the index as at the time it was being added. Tesla is currently planning to build a second-generation roadster, a semi and a pickup known as the Cybertruck.

Tesla through Tesla Energy, a subsidiary of the company develops and develops a photovoltaic system and the major installer of the system in the U.S. Tesla energy is a global supplier of battery storage systems, with 3 gigawatt-hours (GWh) installed in the year 2020, on of the  largest suppliers in the whole world.