Tesla beats expectations for vehicle deliveries during what Elon Musk called 'one of our toughest quarters in global logistics'

• Tesla reported a beat on Q3 vehicle deliveries.
• The beat was driven by sales of its Model 3.
• The electric-vehicle maker delivered 139,300 vehicles during the third quarter, beating estimates of 134,720.

Tesla on Friday beat Wall Street estimates for third-quarter vehicle deliveries, driven by higher demand for its mass-produced Model 3 sedans.

The electric-car maker delivered 139,300 vehicles in the quarter, beating estimates of 134,720 vehicles, according to Refinitiv data.

Tesla delivered 124,100 units of its new Model Y sport utility vehicle and Model 3 vehicles in the period as U.S. production recovered after being suspended from the end of March to early May due to the COVID-19 lockdown.

Its total production in the quarter rose 76% to 145,036 vehicles compared to the previous three-month period.

Tesla stock was down around 4% in pre-market trading following the news.

In the days leading up to release of the company's latest delivery numbers, Musk praised his team and called the quarter "one of our toughest" in global logistics.

"Thanks Tesla Team for great work on deliveries!" Musk tweeted out on September 26. "For new owners, we super appreciate accommodating us on delivery timing! Definitely one of our toughest quarters in global logistics."

—Elon Musk (@elonmusk) September 26, 2020

In July, Tesla reported its fourth consecutive quarter generating a profit — a first for the company.

Elon Musk and other Tesla executives detailed more of the electric-car maker's future roadmap during its "Battery Day" in September. Elon Musk said the company needed to advance its battery production and source its own Lithium to lower costs and eventually enable it to bring a $25,000 car to market.

In a podcast interview with The New York Times' Kara Swisher, Musk said that Tesla was no longer in "mortal danger," as it once had been. He predicted that, five years from now, the stock would be worth more than it was currently.

Tesla's share price — and Musk's personal wealth which is closely tied to it — has increased considerably since the start of the year, hitting an all-time high.

(Reporting by Akanksha Rana in Bengaluru and Tina Bellon in New York: Editing by Sriraj Kalluvila and Arun Koyyur)