Tesla Inc (NASDAQ:TSLA) shares are revving up on Monday after the Elon Musk-led electric vehicle manufacturer announced delivery numbers over the weekend that beat even the most bullish Wall Street forecasts despite the chip shortage that has been hitting the automotive and other industries.
Roughly 241,000 electric vehicles were delivered in the third quarter of 2021, the company said, compared to the 221,000 expected by the market, with even the 'whisper numbers' only looking for no more than 230,000.
Sales of the Tesla Model 3 and Model Y sales came in at 232,000, with the Model S and Model X around 9,000, with the former well ahead of expectations and the latter slightly short.
Total production in the quarter of 238,000 and was roughly 10,000 ahead of estimate.
Broker Wedbush said: "Taking a step back, with the chip shortage a major overhang on the auto space and logistical issues globally these delivery numbers were 'eye popping' and speaks to an EV demand trajectory that looks quite robust for Tesla heading into 4Q and 2022."
"We believe in the month of September alone Tesla delivered roughly 150k vehicles and is a clear indicator of this green tidal wave taking hold for Musk & Co across the board.
"We believe China demand rebounded in the quarter and will be a focus for the bulls digesting these results."