The Clap
The automobile industry saw a mixture of performances during Q3, with GM (NYSE: GM) Rivian (NASDAQ: RIVN), and Ford (NYSE: F) recording strong earnings and production, while Tesla (NASDAQ: TSLA) slightly underperformed, missing analysts’ estimates.
The Deets
Ford recorded sales of 142,000 cars during September, an 8.9% decline YoY. Despite a decline in sales in September, Ford still managed a 16% increase YoY in Q3 as demand for vehicles grows.
GM (NYSE: GM) saw a 24% increase YoY in Q3 sales, as the company shows strong signs of recovery from supply chain issues in 2021.
Rivian (NASDAQ: RIVN) recorded an impressive 67% increase in production, producing over 7,000 vehicles in the quarter, the most in one quarter.
Tesla (NASDAQ: TSLA), on the other hand, just missed analysts’ expectations, as it faced several obstacles throughout the year.
Why this Matters
The automotive industry saw several supply chain obstacles as well as inflationary pressures over the past year, and so it is becoming increasingly difficult to predict the performance of companies as consumer behavior changes.
Ups & downs in the auto industry 🚗
