This article keeps track of Tesla’s quarterly vehicle production and deliveries numbers for Model S, Model X, Model 3 and the new Model Y.
Other than vehicle production and delivery numbers, this article also explores a number of other statistics, including Tesla’s cumulative deliveries, trailing 12-months (TTM) and annual deliveries, automotive sales, sales comparison with Ford and GM, quarter over quarter (QoQ) and year over year (YoY) growth rates.
Let’s get started!
Tesla’s Production Capacity
The following snapshot shows Tesla’s production capacity as of fiscal 2Q 2021:
|Installed Annual Capacity||Current||Status|
|California||Model S / Model X||100,000||Production|
|Model 3 / Model Y||500,000||Production|
|Shanghai||Model 3 / Model Y||>450,000||Production|
|TBD||Tesla Semi||–||In development|
|India||Future Product||–||Pending confirmation|
|Indonesia||Future Product||–||Pending confirmation|
Based on the table above, Tesla’s Model 3/Y production at the Fremont Gigafactory has an annual installed capacity of up to 500,000 vehicles but that doesn’t mean Tesla can ramp the production to this number.
Installed annual capacity for Model S/X is limited to only 100,000 vehicles at the Fremont Gigafactory, a significantly smaller figure compared to that of Model 3/Y.
Similarly, Tesla’s annual production capacity at the Shanghai Gigafactory is now greater than 450,000 vehicles as of 2Q 2021.
The production number at the Shanghai Gigafactory will be significantly higher when the ongoing expansion is completed.
However, Tesla’s Shanghai Gigafactory produces only the Model 3/Y instead of all models, including the premium Model S/X.
Tesla is also building a number of Gigafactory around the world which will work on other models such as the Tesla Semi, Cybertruck and Roadster.
The Berlin Gigafactory construction is in progress and as soon as the construction is completed, the factory will roll out the Model Y for the European market.
As of 2Q 2021, Tesla’s installed production capacity is slightly over 1 million vehicles per year.
In short, Tesla is taking over the world!
Tesla’s Model 3/Y Production
The chart above shows Tesla Model 3 and Model Y combined quarterly production numbers between fiscal 2017 and 2021.
For your information, Tesla has only started large-scale production of Model 3 in the second half of 2017 and Model Y in 1Q 2020.
As the chart shows, Tesla’s combined production numbers, which include both the Model 3 and Model Y, have grown tremendously over the past 3 years, reaching a record high in 3Q 2021 at 229,000 vehicles.
On a year-over-year basis, the 3Q 2021 production result represents a growth of nearly 80% compared to the corresponding quarter a year earlier.
According to the chart, Tesla’s Model 3/Y production has accelerated since fiscal 2020 as a result of the company’s aggressive expansion on a global scale.
In this aspect, Tesla’s Model 3/Y production capacity has now reached 1 million vehicles per year with the completion of the Shanghai Gigafactory.
Tesla plans to further expand the Shanghai Gigafactory’s capacity beyond the 500,000 vehicles on an annual basis.
At this production rate, Tesla’s 4Q 2021 production for Model 3/Y on a global level will most likely reach 250,000 units, bringing the 2021 full-year production to 900,000 Model 3/Y combined.
Tesla’s Model S/X Production
On the contrary, Tesla’s Model S and Model X productions have been sort of flat since 2016 and the figure has even declined significantly during fiscal 2019 and reached only 9,000 vehicles as of fiscal Q3 2021.
Despite having an installed capacity of 100,000 vehicles on an annual basis at the Fremont Gigafactory, Tesla produced only 10,000 Model S/X year-to-date.
For your information, Tesla does not make any Model S/X elsewhere except at the Fremont Gigafactory in the U.S.
In the 1st quarter, Tesla’s Model S/X production was nil due to the production shift to newer models for Model S/X.
And, Tesla is slowly shifting to the newer Model S/X production line which has resulted in fewer Model S/X being produced.
For your information, Tesla’s Model S/X is considered a premium vehicle in which mass production is limited or may not be feasible.
In addition, the mass market appeal for Model S/X may not be as huge as that of Model 3/Y because of its higher price points.
As such, the Model S/X has a maximum production capacity of only 100,000 vehicles per year at the Fremont Gigafactory and is only produced in the U.S.
Over the years, Tesla has not been able to grow the production of Model S/X due primarily to the premium features of these models and of course, the exorbitant price point.
Generally speaking, the higher entry price for the Model S/X has rendered mass-market adoption of these models nearly impossible.
Tesla’s Model 3/Y Delivery
On the delivery side, Tesla delivered an exceptional 232,000 Model 3/Y in fiscal Q3 2021, representing a YoY increase of 87%.
Tesla’s Model 3/Y deliveries over the past 3 years have been nothing short of extraordinary and it has been accelerating since fiscal 2020.
The appeal of the Model 3/Y to the mass market is undisputed.
Again, the massive jump in Model 3/Y deliveries in 2021 3Q on a year-on-year basis has been primarily driven by the delivery ramp at both the Shanghai Gigafactory and the Fremont Gigafactory.
Tesla’s Shanghai Gigafactory has been adding massive numbers of Model 3/Y for the Chinese market in fiscal 2020 and 2021 since its inception in 2019.
Despite the COVID-19 headwinds and the microchip disruption, Tesla has so far managed to defy the challenges and pressed forward to deliver exceptional results throughout 2021 in terms of vehicle delivery.
Cumulatively, Tesla has delivered close to 1.5 million Model 3 and Y combined as of 2021 Q3 since the start of the Model 3 program 3 years ago.
Tesla’s Model S/X Delivery
In contrast, Tesla delivered only 9,275 Model S and Model X in fiscal 3Q 2021 as shown in the chart above, representing a YoY decline of 40%.
Tesla’s Model S/X deliveries averaged about 25,000 vehicles per quarter prior to 2019 but the figure dropped drastically since 2019 with an average figure of only 15,000 vehicles per quarter delivered.
And, Tesla has delivered only 12,000 Model S/X in 2021 year-to-date, a cry from its historical highs.
Over the chart, you may notice that Tesla’s Model S/X delivery has been going downhill steadily and the downtrend has accelerated in 2021.
The downtrend is sort of expected as Tesla has shifted its focus to the Model 3/Y since 2019 due primarily to the mass production capability of these models.
As mentioned, Tesla’s Model S/X are considered premium models in which the installed production capacity is limited to only 100,000 vehicles per year compared to the 500,000 installed capacity for Model 3/Y per Gigafactory.
Tesla won’t survive on Model S/X alone as these models sell for nearly USD100,000 per piece.
How many can afford a vehicle that costs nearly USD100,000?
Therefore, Tesla needs the Model 3/Y to survive and grow.
Currently, the Model S/X are produced only at the Fremont Gigafactory in the U.S., and these vehicles are exported globally to other countries.
Tesla Vs. Ford And GM in Annual Vehicle Sales
The chart above shows Tesla’s vehicle sales or deliveries compared to that of Ford and General Motors on an annual basis.
The comparison in vehicle deliveries among Tesla, Ford and GM is meant to give readers an idea of where Tesla stands in terms of sales figures over the last several years.
According to the chart, Tesla’s vehicle sales seem awfully small when pitted against that of its bigger rivals such as Ford and GM.
For example, Tesla delivered only half a million vehicles in 2020 compared to 4 million vehicle deliveries for Ford and 3.4 million for General Motors.
In 2020, Tesla’s total vehicle deliveries were like 8X fewer than that of Ford Motor and 7X fewer than that of General Motors.
The difference was even bigger back in 2015 where Ford and GM delivered nearly 6 million vehicles each compared to Tesla’s 50,000 vehicles.
However, Tesla is expected to be closing in in fiscal 2021 when the delivery figure is projected to reach 900,000 units compared to 3 million and 3.7 million units for GM and Ford, respectively.
The gap will only be 3X and 4X difference in fiscal 2021 for GM and Ford, respectively, a new low for Tesla when pitted against its bigger rivals.
While Tesla’s vehicle delivery is much smaller compared to Ford and GM, its market capitalization is roughly 10X higher than that of Ford and GM combined as of Oct 2021.
Despite the larger vehicle sales, Ford and GM have been seeing their figures going downhill since fiscal 2015 and the numbers will go even lower in fiscal 2021, driven by a multitude of issues, including the microchip shortages.
In contrast, Tesla’s vehicle sales have been growing by leaps and bounds between fiscal 2015 and 2021, and that probably explains the huge market capitalization differences.
Tesla’s Vehicle Sales Vs. Nio, Xpeng And Li Auto
While Tesla’s vehicle delivery number is far fewer than that of GM and Ford, it’s at the top when compared to Chinese EV makers such as Nio, Xpeng and Li Auto as shown in the chart above.
For example, as of fiscal 3Q 2021, Tesla’s TTM vehicle delivery figure reaches more than 800,000 vehicles while Nio, the biggest EV maker in China by market cap, delivered only 84,000 vehicles during the same period.
Other Chinese EV companies such as Xpeng and Li Auto delivered far fewer vehicles as of 3Q 2021 compared to Tesla.
In short, Tesla outpaces all Chinese EV companies in terms of car delivery figures by a large margin.
Tesla’s Vehicle Deliveries And Automotive Revenue
The trailing 12-month or TTM plot above is created to show readers the trend of Tesla’s vehicle deliveries, whether up or down, on a long-term basis.
The TTM plot is able to smooth out all the bumps of a quarterly plot and display a very clear trend on a quarter-to-quarter basis.
That said, Tesla’s total vehicle deliveries have been surging and reached slightly more than 800,000 vehicles as of 3Q 2021 on a TTM basis.
In the same quarter, Tesla’s automotive revenue clocked in at slightly above $40 billion, a new high for the company.
At a growth rate that averages around 50%, Tesla’s TTM vehicle sales will reach nearly 900 vehicles by the end of fiscal 2021 and nearly 1 million vehicles by 1Q 2022.
Similarly, Tesla’s TTM automotive revenue will reach $45 billion by the end of fiscal 2021 and $50 billion by 1Q 2022.
Tesla’s Cumulative Vehicle Deliveries
The chart above shows Tesla’s cumulative vehicle deliveries which dated as far back as 1Q 2015.
According to the chart, Tesla reached the 1 million vehicles milestone in 2Q 2020.
As of fiscal 3Q 2021, Tesla has delivered nearly 2.0 million vehicles cumulatively.
By 1Q 2022, Tesla’s total vehicle delivery is estimated to reach 2.5 million vehicles.
Tesla’s Vehicle Deliveries Quarterly Growth Rates
Tesla reported 5 consecutive quarters of positive QoQ growth rates in 2020 and 2021, which in my opinion is sort of breathtaking.
In fiscal Q3 2021, Tesla reported a QoQ growth rate of 20% for total vehicle deliveries.
Tesla reported mostly positive sequential growth rates consecutively in the last 6 quarters, with the latest one recording at 20%.
Tesla’s Vehicle Deliveries Year On Year Growth Rates
As shown, Tesla’s YoY results are even more impressive compared to the quarterly results in which nearly all results are positive.
Tesla’s YoY growth rates are accelerating in fiscal 2020 and 2021 despite the COVID-19 headwind and chip shortage.
Tesla reported a YoY growth rate of more than 73% for total vehicle delivery in fiscal 3Q 2021, one of the best ever achieved by the company since 2020.
In summary, Tesla’s total vehicle production and delivery will most likely inch higher significantly in the coming years, considering that the company will run at full throttle in terms of production for Model 3/Model Y at the Fremont and Shanghai Gigafactory as well as the coming Berlin Gigafactory.
Additionally, Tesla is also adding quite a number of Gigafactory around the world in the near future, including a plant in India and Indonesia.
As of 3Q 2021, Tesla’s total installed production capacity was only 1 million vehicles and this number is set to grow significantly higher once the rest of the company’s Giga factories come fully operational.
References and Credits
1. Financial figures in this article were referenced and obtained directly from Tesla Investor Press Release.
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