Tesla's Third-Quarter Deliveries Were Even Lower Than Already Lowered Expectations

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The numbers are in, and during the third quarter of 2023, Tesla shipped 435,059 vehicles. That’s a good bit less than the 466,140 cars it shipped in the second quarter, but it doesn’t come as a complete surprise. Analysts were already expecting fewer deliveries last quarter, but they didn’t expect such a significant drop. Bloomberg expected deliveries to be something more like 456,722. But even with a less-than-ideal third quarter, Bloomberg still expects Tesla to hit its goal of shipping 1.8 million vehicles in 2023.

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When the delivery numbers were announced, Tesla shares dropped sharply but have since recovered.

Throughout the year, Tesla has continued to cut prices in an attempt to boost sales, and while that decision has impacted profits, the move appears to have worked, especially with the Model Y. Then again, if you knock 34 percent off the price of anything, there’s a good chance it’s going to sell better. Some owners, however, have expressed frustration over the fact that their cars are now worth significantly less than what they paid for them. On the one hand, that’s understandable, but at the same time, it’s not like most cars are meant to be investments.

The reason given for Tesla’s sales slide in the third quarter is that it’s gearing up to launch the refreshed Model 3 and the still yet-to-be-released Cybertruck. Tesla is betting big on the Cybertruck, but the long-promised electric pickup truck still has yet to go on sale. It was originally supposed to be ready in 2021, but that deadline has long since passed. With no Cybertrucks sold in the third quarter of 2023, that marks the fifth time the production date has been pushed back since the Cybertruck was announced.

Will we finally see the Cybertruck go into production by the end of the year? Possibly. But since it’s Tesla, we aren’t exactly holding our breath. Especially with its CEO distracted trying to run Twitter into the ground, promoting antisemitism, and stomping around the U.S.-Mexico border in a cowboy hat.