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Tesla’s Q3 sales hit by delivery delays

Snapshot of the Tesla logo on a building with The Morning Shift banner at the bottom.

image: Smith / Gado Collection (beautiful pictures)

US EVs-Tesla manufacturer posted smaller than expected With sales in the third quarter of 2022, what Toyota US targets in terms of US EVs will be difficult to meet, and Stellantis said the chip shortage continues, for now. All this and more in Morning shift for Monday, October 3, Year 2022.

First gear: Delivery delays hit Tesla sales

When you consistently post impressive sales growth over the years, people expect it from you at the end of each quarter. Now, Tesla is starting to feel stifled after years of growth.

According to ReutersAmerican carManufacturers sell less EVs than expected in its third quarter after “delivery lags behind production due to logistical barriers”.

“It produced a record 365,923 vehicles during the quarter and hit a new high of 343,830 vehicles, compared with market expectations of 359,162.

“Additionally, the unusual gap of more than 22,000 units between production and delivery has worried investors even though CEO Elon Musk has confirmed ‘more stable deliveries’ in the current quarter to last minute fever relief.

“Tesla, which sees deliveries skyrocket at the end of each quarter, says many of its new vehicles will be shipping by the end of the third quarter.”

Tesla boss Elon Musk has previously called for the company to increase deliveries by 50% annually. For the automaker to meet that goal by 2022, Tesla will have to ship more than 450,000 vehicles before the end of the year.

Maybe that’s why Musk says Tesla will build “nearly 495,000 Model Y and Model 3EV in the last three months of 2022.

2nd gear: US EV target ‘Hard to reach’ says Toyota

While Tesla is now bigger electric vehicle sales targets, so does the US government. It hopes that by 2030, 50% of car sales will zero emissions vehicles and California will go further in 2035 with ban on the sale of gas-powered cars completely.

But these ambitious plans are being questioned by Toyota CEO Akio Toyoda. Based on Automotive News, the Toyota boss believes that the “ambitious goals” for electric vehicle sales set in California and across the United States “will be difficult to achieve by 2030 or 2035.” Are from Automotive News:

“Toyoda, in Las Vegas for the automaker’s annual dealer meeting, met with a number of journalists to discuss carbon neutrality and the auto industry’s role in slowing warming. up globally. He also emphasized that Toyota is behind in the race to bring electric cars to market.

Toyoda told dealers during their meeting: “Electric vehicles will take longer than the media would like us to believe. He is committed to offering the ‘widest possible’ range of powertrains to propel clean cars. “That’s our strategy, and we’re sticking to it,” he said. ”

Even though it’s hesitant about EV targets here in the USToyota has committed to electrifying its range over the next decade. The automaker recently pledged 8 trillion yen (about $70 billion) to electrify its product line by 2030, half of which will be in use. to develop the BEV lineup.

3rd gear: Chip shortage is still here

Are you? fed up of hearing about chip shortage? It feels like it goes on forever, with no end – all the time carried away car features and make waitlists for new models in the process. However, if Stellantis boss Carlos Tavares is to be believed, we could be stuck with the shortfall for a while longer.

Tavares believes the shortage of computer chips will continue to hit the auto industry well into 2023. In fact, he believes the semiconductor supply chain will “remain tight through the end of next year.” Reuters report:

“The head of the automaker Stellantis, Carlos Tavares, expects the semiconductor supply chain to remain tight until the end of next year,” he said in an interview published Sunday in the French newspaper Le Parisien. .

“The situation will remain very complicated until the end of 2023, after which it will ease a bit,” Tavares said.

At France, StellaForced to close two factories producing its Peugeot and Citroen models due to lack of chips, and similar constraints in the supply chain continue to affect sales. But on the brighter side of things, New car registration in the country increased by 5% last month, but overall maintain down nearly 12 percent in 2022.

4th gear: Hyundai Posts ‘record’ September sales

Despite the supply chain challenges that continue to affect automakers, Hyundai seems to have had a very good month this past September. The South Korean car company saw its sales rise 11% last month, which it said hit “record retail sales”.

Automotive News Report Sales across Hyundai’s brands, including Kia and Genesis, rose in September. This came despite a new wave of “economic challenges” threatening the auto industry’s recovery.

“Hyundai’s production jumped 11% to 59,465 last month in what it said was record retail sales. The company has prioritized retail deliveries to maximize profits and capitalize on its stockpile of new cars and light trucks, abandoning the fleet business for nine months in a row.

“Hyundai said US inventories stood at 24,919 units at the end of last month, up from 19,209 units at the end of August but down slightly from 26,717 units at the end of September 2021.”

Across its businesses, Genesis posted a 0.8 percent increase in sales in September and Kia increased 6.4% to 56,270 vehicles.

5th gear: Self-driving car company Mobileye to Go Public

If you want a piece of the self-driving pie, now’s your chance. Autonomous driving company Mobileye announced its plans for an initial public offering (IPO).

The The Intel-backed self-driving car startup was initially valued at $50 billion, before that number was downgraded to “about $30 billion.” ACSign in to The Verge. The Israel-based company and acquired by Intel in 2017, is known for developing the chips and software needed for autonomous vehicles.

Mobileye’s SEC filings show steady revenue growth over the past few years, jumping from $879 million in 2019 to $967 million in 2020 and reaching $1.4 billion in 2019. 2021. The filing does not provide any information on a possible share price.

“Intel first announced plans to take Mobileye public last year, with Intel CEO Pat Gelsinger saying the IPO” offers the best opportunity to build Mobileye’s track record of innovation. and unlock value for shareholders”.”

According to Gelsinger, the money earned through Mobileye’s IPO will be used to build more chip factories. This will support the company’s ambitions to develop its own fleet of self-driving taxis.

Reverse: Atlantis Has a Flight

Neutral: What does it take to buy an EV?

I’m curious about Toyota’s claim that its electric vehicle goals in the US are too ambitious. What do you think? 2035 is a long way off and it looks like the support and infrastructure needed to support it EV adoption is gaining some momentum. In fact, there are now 10 times as much EV charge as gas stations here in NYC, so there may be variation.


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