Tesla reported its third-quarter vehicle production and delivery numbers on Monday, posting a drop in both categories from the previous period due to scheduled downtimes for factory upgrades.
The electric vehicle maker recorded 430,488 in total production over the quarter and 435,059 in total deliveries. In the previous quarter, Tesla produced 479,700 vehicles and delivered 466,140.
The decline in volumes was caused by planned downtimes for factory upgrades, Tesla said, while the company’s 2023 volume target remains unchanged.
A year ago during the same period, Tesla reported total vehicle production of 365,923 and 343,830 in total vehicle deliveries.
A Tesla vehicle drives past Tesla's factory in California. (REUTERS/Stephen Lam/File Photo/File Photo / Reuters Photos)
"We continue to target 1.8 million vehicle deliveries this year, although we expect that Q3 will be a little bit down because we've got some shutdowns to for – a lot of factory upgrades," CEO Elon Musk said during the company’s earnings call in July. "So, just probably a slight decrease in production in Q3 for sort of global factory upgrades."
Tesla CEO Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China, on May 31, 2023. (REUTERS/Tingshu Wang / Reuters Photos)
Last month, Musk denied a Wall Street Journal report that the company was courting Saudi Arabia about setting up a manufacturing facility in the country. Musk called the report "utterly false."
Tesla will post financial results for the third quarter of 2023 on Oct. 18.
Shares of the EV maker are up around 103% year to date.