(Reuters) – Tesla’s third-quarter deliveries fell short of market expectations as the company had to reduce production due to planned factory shutdowns. This news resulted in a 3.7% decline in Tesla’s shares in pre-market trading.
Between July and September, the electric-vehicle manufacturer delivered a total of 435,059 vehicles, representing a decrease of almost 7% compared to the previous quarter.
Tesla produced 430,488 vehicles in the third quarter, lower than the 479,700 vehicles produced in the second quarter and the 365,923 vehicles produced in the same period last year.
According to a poll conducted by Visible Alpha, the average estimate from 19 analysts on Wall Street was for Tesla to deliver 454,100 vehicles. However, the actual number fell short of this expectation.
The estimate compiled by LSEG, based on eight analysts’ projections, ranged between 442,000 and 511,405 vehicles.
Aditya Soni and Akash Sriram in Bengaluru reported this news for Reuters. As a result of Tesla’s underperformance, the company’s stock saw a decline before the start of regular trading on Monday. The article was edited by Arun Koyyur and Anil D’Silva.
Credit: The Star : Tech Feed
