Tesla built 365,923 electric vehicles in Q3, up 42 percent from Q2

While the automaker hit a record high number of deliveries, the figure was below analyst expectations.

POOL New / reuters

After pandemic-related disruptions in Q2, Tesla ramped up its manufacturing capacity again last quarter, leading the company to make a record number of deliveries between July 1st and September 30th. The company built 365,923 electric vehicles during the period. That marks a year over-year production increase of nearly 54 percent, as Tesla manufactured 237,823 cars in Q3 2021. Production was also up by 41.5 percent from Q2 2022, when the automaker built 258,580 vehicles.

The company produced 19,935 Model S and Model X cars in Q3 and delivered 18,672. For the Model 3 and Model Y, those figures were 345,988 and 345,988, respectively. In total, Tesla says it was able to deliver 343,830 vehicles in Q3, the most it has delivered in any quarter to date. However, that was below expectations, according to Reuters. On average, analysts anticipated that Tesla would deliver 359,162 EVs during the quarter.

Tesla built around 20,000 more vehicles that it was able to deliver during Q3. "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," Tesla said in a statement.

CEO Elon Musk noted last year that Tesla sees a significant increase in deliveries at the end of every quarter. That's because the Shanghai Gigafactory, which recently built its 1 millionth car, manufactures EVs bound for Europe and other countries in the first half of each quarter, "then cars for far away parts of China, then cars for nearby parts of China," Musk said.

"In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter," Tesla said. "These cars have been ordered and will be delivered to customers upon arrival at their destination."

The number of cars Tesla manufactured and delivered dropped dramatically in Q2 2022. It was forced to suspend work at the Shanghai factory in March due to a COVID-19 outbreak in China. Production at the plant has resumed, while recently opened Gigafactories in Berlin and Texas have helped the company significantly improve its manufacturing numbers. We'll learn more about what the uptick in production and deliveries means for Tesla's bottom line when the company announces its Q3 financial results on October 19th.