Tesla (TSLA) on Wednesday reported slightly lower-than-expected third-quarter vehicle deliveries, sending its stock price down about 3%.
The EV maker delivered 462,890 vehicles in the three months ended September 30, an increase of 6.4% from the previous quarter and the first quarterly increase in deliveries this year. This number exceeded the 435,059 EVs the company delivered in the same period last year.
Wall Street had expected Tesla’s deliveries to be closer to 463,897 vehicles, according to Bloomberg.
The Model 3 and Model Y account for the majority of Tesla’s total sales, with a combined 439,975 deliveries of these two vehicles.
Prior to the delivery numbers announcement, Tesla’s stock price was up around 20% in the last month, boosted by optimism over its upcoming robotaxi event on October 10th and good news from China showing increased sales there. % had increased.
But investors are also discussing the “significantly lower” annual auto growth rate that Tesla warned about after the first quarter.
The company currently faces intense competition in China from Chinese automakers such as BYD and Xpeng. Recent price cuts are also putting pressure on profit margins as competition intensifies.
Analysts say next week’s robotaxi event will be a pivotal moment for the company’s future and its plans to further leverage artificial intelligence.
“Robotaxi Day marks a seminal and historic day for Mr. Musk and Tesla, setting the stage for Tesla’s future in self-driving, FSD, and AI,” Wedbush analyst Dan Ives said in a Tuesday client note. I believe this will be a new chapter in our growth.”
Tesla is scheduled to announce its third quarter results on October 23rd.
Alexandra is a senior reporter at Yahoo Finance. Follow her on X @alliecanal8193 Email alexandra.canal@yahoofinance.com.
Pras Subramanian is a reporter for Yahoo Finance. you can follow him Twitter And also on Instagram.
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