Tesla produced over 430,000 vehicles in the third quarter of 2023

Tesla attributed the sequential drop in production to “planned downtimes for factory upgrades.” During a recent earnings call, Tesla CEO Elon Musk explained that the “summer shutdowns” were necessary for recent product upgrades, like the refreshed Model 3 and Model Y that were recently revealed for the Chinese market.

The company said it delivered 435,059 vehicles in Q3, a 6.6 percent decrease over the previous quarter but a 26.5 percent increase year over year.

Tesla maintains a production target of 1.8 million vehicles in 2023. With today’s report, the company has produced 1.35 million, meaning it’s about three-quarters of the way to its annual target.