Red Star Capital Bureau news on October 3. On October 2, Tesla (TSLA.US) released its production and delivery report for the third quarter of 2023. In the third quarter, Tesla produced a total of 430,500 electric vehicles worldwide, and delivered 435,100 vehicles, an increase of about 18% and 27%, respectively, and a decrease of 10.3% and 6.7% from the previous quarter. Market estimates of the third quarter production and sales of 462,000 and 456,700, respectively, the actual production and sales are lower than market expectations.
In terms of vehicle segments, 419,100 Model 3 and Model Y were delivered in the third quarter. The Model S and Model X delivered 16,000 units.
Tesla said that the decline in production in the third quarter was due to the production needs of the Model 3 refresh and other products, and the planned production line upgrade brought about the suspension of production. Tesla CEO Elon Musk previously warned in the second quarter earnings call: "We expect production in the third quarter will be slightly lower, because we will shut down in the summer in order to upgrade the factory."
Tesla's delivery target for 2023 remains unchanged at about 1.8 million vehicles. In the first three quarters of 2023, Tesla delivered more than 1.324 million vehicles globally, with an annual target completion rate of 73.56%, which has exceeded the total delivery of 1.314 million vehicles in 2022.
On September 1, Tesla unveiled a new version of the Model 3, which will be delivered in the fourth quarter, while the older model was sold out by the end of the third quarter. On October 1, for the Chinese mainland market, Model Y also ushered in minor changes. On October 3, Tesla's official website showed that Tesla launched the rear-drive Model Y in the United States market, which is $3,750 lower than the all-wheel drive version canceled last month, and can also enjoy a full tax rebate of $7,500, which is the cheapest Model Y model at present.
Red Star Capital Bureau noted that although Tesla ranked first in the global pure electric vehicle delivery list in the third quarter, the distance with BYD (002594.SZ) has been negligible.
Byd sold 287,500 new cars in September, up 42.8 percent from a year earlier, according to a production and sales bulletin. The cumulative sales volume from January to September was 2.0796 million, an increase of 76.23%.
Byd sold 286,900 passenger cars in September, including 151,200 pure electric vehicles and 135,700 plug-in vehicles. From January to September, the sales volume of passenger vehicles was 2.0703 million, of which 1.0484 million were pure electric and 1.021,800 were plug-in hybrid.
Byd sold 822,100 passenger cars in the third quarter, including 431,600 pure electric vehicles and 390,400 plug-in vehicles. Based on this calculation, BYD's sales of pure electric models in the third quarter were only 3,456 vehicles apart from Tesla.
By brand, BYD Wang Dynasty and Ocean net sold 273,700 vehicles in September, an increase of 36.2%; Denza sold 13,200 units and exported 28,800 passenger cars overseas, an increase of 262.4 percent.