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Tesla posted its Q3 2020 vehicle production and deliveries report last week, surpassing the expectations of Wall Street. The company reported total production of 145,036 vehicles and total deliveries of 139,300 units in Q2. Among this number, Tesla delivered 124,100 Model 3 and Model Y vehicles and 15,200 Model S and Model X vehicles.
The biggest development from the Q2 Earnings Call was undoubtedly CEO Elon Musk announcing that Tesla would be building a new vehicle production facility in Austin, Texas.
“We’re also very excited to announce that we’re going to be building our next Gigafactory in Texas. It’s going to be right near Austin. It will be about — I’ll just go into a bit of detail on this, and then I’m sure there’ll be a lot of questions,” Musk said. “But the location is five minutes from Austin National Airport and 15 minutes from Downtown Austin.”
Additionally, the Fremont facility was undergoing the installation of supplementary production lines for Model Y and Model 3 production. The new lines were expected to ramp production rates at the facility to 500,000 units a year, making 100,000 more cars available for delivery.
In Shanghai, the Model 3 has been widely accepted by the Chinese public and has become one of the best-selling cars in the country. It is the best selling EV in the Chinese automotive market. The widely successful release of the Model 3 into this market contributed to a successful Q2.
With Tesla already beating Wall Street’s expectations for delivery and production figures, the company is heading into the Q3 Earnings Call with plenty of momentum. Wall Street’s official consensus among analysts for the electric automaker’s Earnings Call has not yet been released.
Disclosure: Joey Klender is a TSLA Shareholder.