taesla

Tesla reported stronger-than-expected third-quarter deliveries, but Oppenheimer kept its “equal-weight” rating on the stock and did not turn more bullish after the sales beat. According to Sina Finance, Tesla delivered 486,500 vehicles in the third quarter, above the company-compiled consensus estimate of 462,000 and FactSet’s market forecast of about 461,000.

Model 3 and Model Y deliveries totaled 478,200, also above the company-compiled estimate of 450,700 and FactSet’s forecast of about 435,000. Tesla produced 464,400 vehicles in the quarter, including 457,400 Model 3 and Model Y units and about 7,000 other vehicles.

Deliveries exceeded production, meaning Tesla not only absorbed newly built vehicles in the quarter but also reduced some inventory. Tesla’s energy storage deployments reached 13.7 GWh, below the market estimate of 15.9 GWh.

The article said Tesla’s October 21 third-quarter earnings report will be more important than the delivery figures alone, with investors watching automotive gross margin, average selling price, free cash flow, and energy storage performance. Tesla also recently arranged new debt financing, including a $20 billion three-year delayed-draw loan, an $8 billion five-year revolving credit facility, and a $2 billion 364-day revolving credit facility, for a total of $30 billion.