Tesla (TSLA) deliveries grew 35% QoQ and 42% YoY in Q3 2022 — share price sinks despite a record quarter

The Tesla (TSLA) investor relations department has released the company’s production and delivery numbers for the 3rd quarter of 2022.

Tesla delivered 343,830 vehicles out of a total of 365,923 produced in Q3 2022 at all of its 4 Gigafactories currently in operation.

This is another record quarter for Tesla, as the previous record was held by Q1 2022 with 305,407 cars produced and 310,048 delivered.

In Q2 2022, Tesla faced a massive drop in production and deliveries due to Covid-related shutdowns at Gigafactory Shanghai. This situation affected Model 3 and Model Y production and ultimately deliveries in China and Europe.

	Production	Deliveries	Subject to operating lease accounting
Model S/X	19,935	18,672	10%
Model 3/Y	345,988	325,158	3%
Total	365,923	343,830	3%

Table 1.1: Tesla (TSLA) Q3 2022 vehicle production and delivery numbers. Source: Tesla investor relations web s ite.

Production & Deliveries QoQ (Q3 vs Q2 2022)

Interestingly, the production of Tesla Model S and Model X has increased by 21.4% compared to Q2 2022. Tesla Model S and X are only produced in the United States at the Fremont factory as of now. The deliveries for Model S/X also spiked by 15.5% QoQ.

This suggests that the demand for the new Model S and Model X luxury segment vehicles is also increasing with each passing quarter.

Tesla Model 3 and Model Y production went up a staggering 42.8% and deliveries grew by about 36% in Q3 vs. Q2 2022.

Even compared to Q1 2022 numbers, Tesla has significantly scaled up overall production and deliveries by around ~20% and ~11% respectively.

	Q2 2022	Q3 2022	% growth in Q3
Model S/X Production	16,411	19,935	21.4%
Model S/X Deliveries	16,162	18,672	15.5%
Model 3/Y Production	242,169	345,988	42.8%
Model 3/Y Deliveries	238,533	325,158	36.3%
Overall Production	258,580	365,923	41.5%
Overall Deliveries	254,695	343,830	35%

Table 1.2: Tesla (TSLA) vehicle production and deliveries % growth comparison: Q2 2022 vs. Q3 2022. Data sources: Tesla investor relations website / our Quarterly Tesla Reports.

Production & Deliveries YoY (Q3 2022 vs Q3 2021)

Tesla has scaled-up production and deliveries massively over the past 4 quarters. Comparing Q3 2021 vs. Q3 2022, Tesla vehicle production has gone up by about 54% and deliveries have shot up more than 42% (see table 1.3 below for a detailed comparison).

	Q3 2021	Q3 2022	% growth in Q3 2022
Model S/X Production	8,941	19,935	123%
Model S/X Deliveries	9,275	18,672	101 %
Model 3/Y Production	228,882	345,988	51%
Model 3/Y Deliveries	232,025	325,158	40%
Overall Production	237,823	365,923	54%
Overall Deliveries	241,300	343,830	42.5%

Table 1.2: Tesla (TSLA) vehicle production and deliveries % growth comparison: Q2 2022 vs. Q3 2022. Data sources: Tesla investor relations website / our Quarterly Tesla Reports.

Q3 deliveries target missed due to shipping challenges

Q3 2022 is probably one of the rare quarters where Tesla produced more vehicles than it produced. Normally, they clear the order backlog from the previous quarter. Now the remaining 21,993 cars from this quarter will transition to Q4 2022 for deliveries.

The reason for these remaining vehicles is the challenge to transport them to customers due to the factories being in different regions. Model S/X are shipped from the US to China and Europe, Model 3/Y are shipped from China, and some European demand for the Model Y is fulfilled from Gigafactory Berlin.

Tesla Q3 2022 investor relation press release states:

Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks.
In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination.
Tesla investor relations web site

Head of Investor Relations at Tesla, Inc. Martin Viecha cited massive end-of-quarter delivery pushes as the problem for missing the delivery target in Q3. “Delivery peaks are becoming more and more challenging, so we began transitioning to a more even regional mix in Q3,” Martin tweeted.

A Tesla fan on Twitter created an interesting chart of Tesla Q3 deliveries for the last 12 trailing months from Q3 2013 to Q3 2022 — it’s amazing to see that deliveries have gone from 17,950 to 1,217,223 vehicles respectively.

Graph: Tesla vehicle deliveries for the last 10 years (Q3 2013 to Q3 2022 for 12 trailing months). Credit: Jeremy Cook / Twitter.

However, Tesla (TSLA) stock price has tanked at market open today due to the notion of unexpected lower delivery numbers compared to the total number of vehicles produced in Q3 2022.

At the time of this writing around 12:50 PM EST, a Tesla share is trading at $242.60 on the NASDAQ, down −$23.01 or 8.68% compared to the market close on Friday at $265.31 per share.

The big investors don’t seem to be looking at the bright side, this was a record Tesla quarter on all levels.

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