(Reuters) -Tesla Inc said on Saturday it had delivered a record electric cars in the third quarter, beating Wall Street estimates after Chief Executive Elon Musk asked staff to "go super hardcore" to make a quarter-end delivery push.
Tesla has weathered the chip crisis better than rivals, with its overall deliveries surging 20% in the July to September period from its previous record in the second quarter, marking the sixth consecutive quarter-on-quarter gains. .
In China, rising exports to Europe and the introduction of a cheaper Model Y helped boost Tesla's production, analysts said.
Musk said Tesla suffered an extremely severe parts shortage earlier in the third quarter and had urged employees to make quarter-end delivery push, Reuters reported last month, citing an internal company email.
"The end of quarter delivery wave is unusually high this time," he said in the email.
Tesla delivered 241,300 vehicles globally in the July to September quarter, up 73% from a year earlier. Analysts had expected the electric-car maker to deliver 229,242 vehicles, according to Refinitiv data.
General Motors, Honda and some of its bigger rivals posted declines in U.S. sales in the third quarter, hit by a prolonged chip shortage. GM's third-quarter U.S. sales fell nearly 33% to its lowest level in more than a decade.
Tesla said it delivered 232,025 of its Model 3 compact cars and Model Y sport-utility vehicles and 9,275 of its flagship Model S and Model X cars to customers in the quarter.
Total production in the third quarter rose over 15% to 237,823 vehicles from the prior quarter.
Gary Black, portfolio manager at the Future Fund and a Tesla bull, said that Tesla's deliveries were driven by record deliveries in China, which was "putting to rest any notion China demand is slowing."
Tesla faces scrutiny from both regulators and the public and growing competition from local rivals.
Tesla has not released its September China sales yet, and in August, its Shanghai factory exported more than two thirds of its vehicles to Europe and Asian countries.
(Reporting by Juby Babu and Nivedita Balu in Bengaluru and Hyunjoo Jin in SAN FRANCISCO Editing by Marguerita Choy)
U.S. Federal Reserve Vice Chair Richard Clarida traded between $1 million and $5 million out of a bond fund into stock funds one day before Chair Jerome Powell issued a statement indicating potential policy action due to the worsening of the COVID-19 pandemic, Bloomberg News reported on Friday. Clarida's trades were described in his 2020 financial disclosures, showing the shifting of funds out of a Pimco bond fund on Feb. 27, 2020, and buying the Pimco StocksPlus Fund and the iShares MSCI USA Min Vol Factor exchange-traded fund in similar dollar ranges, on the same day, the report said. The next day on Feb. 28, 2020, Powell released a statement that said coronavirus "poses evolving risks to economic activity."
The shrinking supply of components has slowed car sales for almost everyone except Tesla.
Democratic lawmakers want to tax estates worth $5.85 million or more — reverting back to the same exemption amount as in 2017.
U.S. regulators gear up for a three-year countdown that will force many Chinese companies to leave American stock exchanges, after a long impasse between Washington and Beijing over access to the companies’ audit records.
Friday marked day one of a market rally attempt, but it's still a correction. Tesla deliveries jumped.
BofA's red flag could mean a huge profit opportunity for investors.
The electric-vehicle maker provided a record number of vehicles in third quarter amid flagging global auto sales.
Yahoo Finance Live chats with investing pioneer Alec Gores of The Group about his latest playing on the future of the automobile.
(Bloomberg) — Rivian Automotive Inc., the maker of electric pickups backed by Amazon.com Inc., disclosed a net loss of almost $1 billion in the first half of the year in its initial public offering paperwork.Most Read from BloombergWall Street Titans Warn of the Next Big Risks for InvestorsAn Unapologetic Old Boys’ Network Is Costing Australia BillionsThe Unstoppable Appeal of Highway ExpansionReshaped by Crisis, an ‘Anti-Biennial’ Reimagines ChicagoThe Country That Makes Breakfast for the Worl
Still earning peanuts in your savings account? These 3 income stocks might help.
The company has been investing aggressively in ramping up production of its electric vehicles, including its upscale all-electric R1T pickup truck which was launched last month beating out competition from more established rivals, such as Tesla Inc, General Motors and Ford. Rivian had about 48,390 preorders for its R1T pickup trucks and R1S SUVs in the United States and Canada as of last month.
An identity thief used my Social Security number and birthday to open up a Robinhood account. Here's what I learned when I dug a little deeper.
“The rate of inflation in the U.S. rose again in July and drove the increase over the past year to a 30-year high,” MarketWatch’s Jeffrey Bartash reported in August. For investors, that news was, no doubt, worrisome, so we looked at what two financial bigwigs, Suze Orman and Ramit Sethi, as well as other pros, have told investors in the past about dealing with inflation (psst: both say you need to keep investing in stocks.) Here (and below) are Bankrate’s list of featured investing products for September. Suze Orman: “Plan on many costs being double what they are today, and keep investing in stocks.”
A total of 39 Chinese air force aircraft entered Taiwan's air defence zone on Saturday, the defence ministry in Taipei said, setting a new high for missions which have infuriated the island's government and further raised tensions with Beijing. Taiwan, a democratically governed island that is claimed by China, has complained for over a year of repeated missions near it by China's air force, often in the southwestern part of its air defence zone close to the Taiwan-controlled Pratas Islands. Taiwanese fighters scrambled against the 39 Chinese aircraft in two waves on Saturday, the Taiwan Defence Ministry said.
As public scrutiny of corporate misbehaviour grows, can business drinking be dropped forever?
In a market correction, look for stocks with strong relative strength lines such as Netflix and Datadog. That's a good way to find potential winners.
(Bloomberg) — The global economy is entering the final quarter of 2021 with a mounting number of headwinds threatening to slow the recovery from the pandemic recession and prove policy makers’ benign views on inflation wrong. Most Read from BloombergWall Street Titans Warn of the Next Big Risks for InvestorsAn Unapologetic Old Boys’ Network Is Costing Australia BillionsThe Unstoppable Appeal of Highway ExpansionReshaped by Crisis, an ‘Anti-Biennial’ Reimagines ChicagoThe Country That Makes Brea
Jay Powell is likely to be renominated for another four years, but he'll have a new board to deal with and they will be partly picked by his chief antagonist, Sen. Elizabeth Warren.
"Cancer is not linear," wrote NBC correspondent Kristen Dahlgren of her road to recovery
The daughters of Michael Jackson and Mick Jagger posed together at Vivienne Westwood's runway show on Friday