Tesla Shares Drops After Missing Q3 Deliveries

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Tesla Shares Drops After Missing Q3 Deliveries

Tesla (TSLA) Drops By 3.8% After Missing Q3 Deliveries Forecast

The latest report by Tesla shows that the Q3 vehicle deliveries were below the forecast made by the market players. After missing the estimate, the shares of Tesla dropped by 3.8% in a single day.

During Q3 of 2023, the Tesla company delivered around 435059 electric cars. However, the analysts were expecting the company to deliver 456722 electric cars during the Jul-Aug-Sep period.

If we take a closer look at the deliveries, the Model S/X cars were around 16985, while the market forecast was for 17722 cars. Similarly, the delivery estimate for the Model 3 & Y was 439,362, while the actual deliveries were only 419074.

430488 E-Cars Produced In Q3

Similarly, the Tesla company produced around 430488 electric cars during Q3 of 2023. Once again, the company missed the production target as the market was expecting the electric car company to produce 461992 cars.

In addition, around 13688 Model S and X were produced during the time period, while the estimate was for around 18492 cars. Furthermore, the production target for the Model 3 and Y was roughly 454060. In reality, the Tesla company only produced around 4168000.

According to Tesla, the company had to go through planned downtimes, which caused a decline in production as well as deliveries. The company is trying to go through factory upgrades, which means there is no way around the planned downtimes.

Despite the setback in Q3 2023, Tesla said that it remains committed to reaching the annual target of 1.8 million vehicles. With only the 4th quarter left in 2023, it appears that Tesla will have to work at full speed if it wants to achieve the 2023 production and delivery target.

Although the company remains optimistic, the same can't be said about Tesla investors as they resorted to selling the stock. The selling pressure in the Tesla stock pushed it 3.8% lower in a single day, which highlights that the investors didn't like the recent report.

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