Tesla recently revealed it delivered a record-setting 139,000 electric vehicles in the third quarter of this year. The company last hit a historic high in the fourth quarter of 2019 when it shipped 112,000 automobiles. The Fremont, California-based manufacturer’s sales experienced a boost from the opening of its Shanghai Gigafactory in the launch of its Model Y.
Nevertheless, Tesla’s future plans have it on pace to set even higher delivery records within the next few years.
How Tesla Set Its Latest Delivery Record
Like the rest of the automotive industry, Tesla struggled as the coronavirus pandemic spread worldwide in early 2020.
The firm’s main California factory lay dormant from March through May due to regional lockdown orders. The corporation’s Shanghai factory also closed its doors to halt the pandemic’s spread. As a result, its Q2 and Q3 2020 shipments fell steeply from its Q4 2019 deliveries.
But Tesla’s North American and Chinese auto plants maintained normal operations throughout Q3.
In addition, the carmaker found a clever way to quell consumer anxiety when marketing its vehicles. In March, the corporation began offering contactless test drives to buyers in major Chinese markets like Shanghai and Beijing. Soon afterward, the firm brought the program and zero contact deliveries to the United States.
Tesla’s ability to consistently move units despite headwinds generated by the global health crisis attracted Wall Street’s attention. By July, its market capitalization rose to a new high of $208 billion, making it the world’s most valuable automobile manufacturer. The company’s current valuation pegs it as worth more than Ford, General Motors, Toyota, and Volkswagen combined.
Even Brighter Days Ahead
As impressive as Tesla’s Q3 sales numbers are, the company is on course to greatly surpass them by mid-decade.
For one thing, the firm’s forthcoming Cybertruck has proved hugely resonant with consumers and law enforcement agencies. After being unveiled in November 2019, the light-duty electric vehicle racked up an astounding 200,000 preorders. By April, it had received more than 550,000 reservations for the angular and futuristic utility vehicle.
The tech-centric automobile company revealed its intent to establish a new Gigafactory in Germany last November. The manufacturer’s planning is shrewd as the region’s buyers have a strong interest in electric vehicles.
Tesla also announced plans to ramp up its manufacturing capacity in its native country.
In July, the corporation revealed it would base its fifth manufacturing facility just outside Austin, Texas. When the $1.1 billion plant goes online in late 2021, it will produce Cybertrucks, Model Ys, Model 3s, and Semi trucks.
Tesla also just locked down a massive product increase for its battery-powered tractor-trailers.
Three years ago, Walmart Canada reserved 15 electric big rigs to use in its delivery fleet. But the retailer decided to up its order to 130 units in September. The corporation said the vehicles low operating and maintenance costs prompted it to massively increase its Semi preorder.
In the past, industry watchers have commented that Tesla is overvalued because it makes far fewer vehicles than its competitors. However, the corporation’s innovative marketing efforts and significant production capacity expansion indicate its full potential has not been reached. Soon, the firm’s output may equal or even outpace that of the world’s leading legacy carmakers.