PALO ALTO, California: Tesla says it delivered 241,300 electric vehicles in the third quarter even as it wrestled with a global shortage of computer chips that has hit the entire auto industry.
The Palo Alto, California, company’s sales from July through September beat Wall Street estimates of 227,000 sales worldwide, according to data provider FactSet.
Third-quarter sales rose 72 percent over the 140,000 deliveries Tesla made for the same period a year ago.
So far this year, Tesla has sold around 627,300 vehicles. That puts it on pace to soundly beat last year’s total of 499,550.
Wedbush analyst Daniel Ives wrote in a note to investors that the pace of electric vehicle deliveries in the US and China has been strong for the past month or so. That means an “eye-popping growth trajectory heading into 4Q and 2022 for (CEO Elon) Musk & Co.”
Still, Ives estimated that the chip shortage will knock 40,000 vehicles from Tesla’s annual delivery number. He estimates 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.
In the third quarter, the smaller Model 3 sedan and Y SUV led the way with 232,025 sales, followed by the larger Models S and X at 9,275. Tesla said it produced 237,823 vehicles for the quarter.
Tesla reports stronger-than-expected Q3 sales
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Tesla reports stronger-than-expected Q3 sales
- The company’s sales from July through September beat Wall Street estimates of 227,000 sales worldwide
PIF Private Sector Forum sees multiple deals across key sectors
RIYADH: The first day of the PIF Private Sector Forum marked the signing of several agreements spanning travel, entertainment, advanced manufacturing, innovation, urban development, and industrial sectors.
In the tourism, travel, and entertainment sector, a memorandum of understanding was signed between the Public Investment Fund’s Dan Co. and Fresh on Table to expand the latter’s platform in Saudi Arabia, enhance cooperation, and establish consolidation centers in Dan Co.’s facilities across targeted cities.
Dan Co. also signed an MoU with DRB Arabia to collaborate on the development of the Tuaja Resort Community Center in Al-Ahsa, establishing a framework for cooperation between the two parties.
King Abdullah Economic City and Almosafer Travel and Tourism Co. agreed to a joint venture to support tourism promotion and destination marketing.
Cruise Saudi and FlyAkeed signed an MoU to strengthen initiatives in travel optimization and digital innovation, while FlyAkeed also partnered with Al-Ula Club to explore opportunities in automation and digital transformation. Additionally, the PIF and FlyAkeed signed an MoU to advance digital travel solutions and enhance service delivery leveraging FlyAkeed’s capabilities.
In urban development and livability, the PIF signed an MoU with ABB Academy to develop the Saudi workforce through targeted training programs. Another agreement with Saudi Tabreed will explore expanding high-quality district cooling solutions for large-scale developments, aligning with national sustainability goals. Fraunhofer IAO will collaborate with the PIF on waste management and innovative construction methods to support smart city development.
The industrial and logistics sector also saw multiple agreements. Nupco signed an MoU with Saudi Awwal Bank to strengthen healthcare supply chains, while Saudi Arabia Railways partnered with Siemens Mobility to localize manufacturing, develop the Kingdom’s rail infrastructure, and advance industrial capabilities. The Royal Commission of AlUla signed a deal with TASAMA to support its operational and strategic objectives.
In advanced manufacturing and innovation, Tasaru Mobility Investments signed multiple agreements with Masarat Mobility Park, Shin Young, JVIS, Benteler, Lear Corp., and Fangxin. Electric vehicle maker Lucid also inked deals with Benteler, JVIS, Shin Young, and Lear Corp.
Saudi Arabia’s first homegrown EV brand, Ceer, signed agreements with Mino, Natpet Schulman Specialty Plastic Compounds, Xinyi Glass, MK Tron, Sika, Saudi Controls, AVL, FEV, Zamil Trade and Services, Zamil Plastics, and Arabian Plastic Industrial Co. CEO James DeLuca highlighted that Ceer is set to sign 16 agreements valued at SR3.7 billion ($990 million) at the forum, noting that 90% of these are commercial contracts rather than MoUs.
