Tesla’s (TSLA) robust sales beat expectations despite chip shortage

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 Tesla’s (TSLA) robust sales beat expectations despite chip shortage
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Highlights

  • Tesla delivers 241,300 electric vehicles worldwide, representing a 70% increase in deliveries from the same period in 2021. 
  • Significant sales growth is achieved when the world is facing a chip shortage. 
  • The challenging global context has impacted both the sales and production of the automakers, such as General Motors, Honda and Nissan, during the third Quarter of 2021. 

Tesla, Inc. (NASDAQ: TSLA) continues to make a splash in the global automotive industry on the back of its growing sales and out-of-the-box plans. The Palo Alto, California-based Company reported the sales of 241,300 electric vehicles worldwide, exceeding its expectations. Meanwhile, the latest figures represent a more than 70% increase in the deliveries from the same period in 2021. 

RELATED ARTICLE: Tesla (NASDAQ:TSLA) Competing With Fast-Growing China Based EVs

The sales rose by 40, 050 over the June quarter, bring the total vehicles sales to 627,350 so far. A major proportion of the sales in Q3 2021 came from Model 3/Y, which accounted for sales of 232,025 EVs. 

The growth trajectory in sales achieved by the automakers is significant when the world is facing supply challenges, which affect the sales of other automakers. 

Tesla, Chip Shortage, Strong sales

Source: Copyright © 2021 Kalkine Media

Global chip shortage impacts the auto industry

The auto industry faces the global semiconductor shortage, triggered by COVID=19 impact on chip production in Malaysia. As a result, the stock is out of supply while the demand from escalating electric vehicles and the smartphone industry continues to rise. 

ALSO READ: How global chip shortage is denting auto production plans

The chip shortage has hard hit the automotive industry, as the assembly lines were shut down and the EV market extension plans seem to be deaccelerating. 

ALSO READ: Tesla (TSLA) eyes humanoid robots to beat labor shortage

A Snapshot of Performance of other automakers

The challenging global context concerning chip shortage has impacted both the sales and production of the automakers. Sales of General Motors Company, Honda Motor Company Limited and Nissan Motor Company Limited nosedived during the third Quarter of 2021, reflecting the impact of contracting in production volumes. General Motors’ US Vehicles sales in Q3 2021 was 446,997, declining by around one-third from the same period last year.

ALSO READ:  Semiconductor chips shortages impact June’s sales figure of Ford Motors

Meanwhile, the historically low inventories of chips also impacted Toyota’s sales for September, although its overall sales for the quarter increased slightly. The consumers are meanwhile forced to pay increased prices as fewer vehicles are rolling off assembly lines.  

Tesla significant performance against the challenging backdrop may bode well for its plans. Meanwhile, the Company marked its entry in Africa deployed its first two Supercharger stations in Morocco. Moreover, Tesla’s sales price edged up by US$2.31 on Friday. 

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