Tesla Deliveries disappoints as Production Slows
Tesla Inc. shipped 435,059 cars globally in the third quarter, as factory downtime led to its first quarterly delivery decline in more than a year.
The results posted have clearly missed the Wall Street expectations.
Tesla to pick up pace in order to reach goal of 1.8 million in 2023
Tesla Tweet on Q3 deliveries
@Tesla Deliveries disappoints as Production Slows!
Tesla Inc. shipped over 435K cars globally in the third quarter, as factory downtime led to its first quarterly delivery decline in more than a year.#tesla #ev #shares #newshttps://t.co/SsJi2Nu4ui— The_Journalbiz (@the_journalbiz) October 2, 2023
Tesla on Q3 Deliveries
Tesla has been slashing the prices of its models all year.
Several Wall Street analysts had slashed their delivery estimates in recent days, and the consensus compiled by Bloomberg fell to 456,722 as of Friday. Tesla delivered 466,140 cars in the second quarter.
The electric vehicle maker signaled it would deliver fewer cars in the period as it prepared its factories to make a refreshed Model 3 sedan and the yet-to-be-released Cybertruck.
The company has now delivered more than 1.3 million cars globally this year and will have to pick up the pace in the fourth quarter with deliveries of more than 475,000 units to meet its guidance for the year, which it reaffirmed in Monday’s release.
“Our 2023 volume target of around 1.8 million vehicles remains unchanged,” the company said in the production and deliveries statement Monday.
Tesla shipped 435,059 cars globally in the third quarter, as factory downtime led to its first delivery decline in more than a year. The results, posted Monday, missed expectations. Bloomberg’s Abigail Doolittle reports.
- Tesla shares rose 0.5% to $251.41 at noon in New York.
“The stock is not moving too much because management reiterated their 1.8 million vehicle guidance for the year, which implies strong growth again in the fourth quarter,” said Seth Goldstein, an analyst at Morningstar Research Services LLC
Tesla took several steps to boost sales this year, with price cuts designed to stoke demand amid higher interest rates and inflation.
