Tesla reported lower-than-expected vehicle deliveries for the third quarter on Wednesday, as discounts and low-cost financing weren’t enough to boost demand for its older models in a competitive market.
Following the release of its third-quarter delivery and production figures, Tesla’s stock ($TSLA) fell by 6% in today’s trading. While the numbers were close to market estimates, they missed targets in some areas.
Tesla reported total deliveries for Q3 at 462,890 vehicles, just below the estimated 463,897. Although the difference is minor, it suggests Tesla’s delivery performance was slightly under what analysts predicted.
The delivery numbers for Tesla’s other models, including the Model S and Model X, were notably lower than expected. The company delivered 22,915 units of these models, whereas the estimate was set at 26,315.
In contrast, Tesla exceeded expectations with deliveries of its popular Model 3 and Model Y vehicles. A total of 439,975 units were delivered in Q3, surpassing the forecast of 435,920, indicating strong consumer demand for these models.
On the production side, Tesla manufactured 469,796 vehicles in Q3, beating the market estimate of 465,828. This reflects the company’s efficient production capabilities.
Tesla’s production of its other models, including the Model S and Model X, also outperformed expectations, with 26,128 units produced, significantly higher than the estimated 17,640.
Increased competition in the United States, the absence of European subsidies, and a decline in consumer spending in China impacted Tesla’s quarterly deliveries.
Tesla is set to announce its Q3 2024 financial results on October 23, 2024, after the market closes. A live Q&A session with management will take place at 5:30 PM ET.
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