Tesla’s EV Delivery Numbers Disappoint in Contrast to Rival Achievements
Tesla Falls Short of Delivery Expectations
Tesla Inc, Elon Musk’s brainchild, recently disclosed disappointing results in comparison to the expected delivery numbers. Tesla told investors it managed to manufacture 430,488 vehicles within the quarter, with 435,059 units delivered. This performance shows an increase of about 30% when compared to this time last year. However, these figures fell short of the anticipated 461,000 by the market. This dip has come forth in spite of gradual market expectations being lowered in recent weeks due to an increasingly difficult market environment, particularly evident in China.
Rivian Outperforms Forecasts
In contrast, Rivian Automotive Inc significantly surpassed its previous quarter’s delivery numbers, and has eagerly shared with investors that it is on course to meet its earlier announced production guidance of 52,000 vehicles annually. The company, based in California, proudly reported a surge of 136% in deliveries, achieving 15,564 units, thus exceeding FactSet estimates of 14,000. Following the reveal of its second-quarter results, Rivian raised its full-year target from the initial figure of 50,000.
A Strong Month for Chinese Electric Vehicle Manufacturers
A positive performance has also been seen by the EV industry in China, with manufacturers such as Li Auto, NIO Inc, and Xpeng Inc all successfully keeping pace with their quarterly guidance, as evident from their August delivery numbers.
Leading the way was Li Auto, with an impressive 34,914 vehicles being delivered in August, exceeding the monthly forecast of between 33,333 and 34,333 based on the third-quarter guidance. Of note, Li Auto’s vehicles differ from their competitors as they are not completely electric, but rather, come equipped with a fuel tank to augment their range.
Performance of NIO and Xpeng
NIO achieved 19,329 vehicle deliveries, which although a reduction of 1,000 from July, still surpassed their anticipated monthly range of 18,300 to 19,000. Meanwhile, Xpeng found themselves at the tail end with 13,690 deliveries in the last month, an increase from roughly 11,000 in July, and narrowly beating the anticipated monthly range of 13,000 to 13,667. Approximately half of the deliveries were Xpeng’s newly-launched G6 coupe SUV, bringing the cumulative total of G6 deliveries above 11,000 units.