Electric vehicle maker Tesla saw its stock slide by more than 3% on Wednesday after sharing a third-quarter deliveries report that missed the estimates of analysts.
Tesla said it produced 469,796 EVs and delivered a total of 462,890 units from July to September, with the latter being an increase of 6.4% compared to the same period in 2023. However, the mark came below of the analysts’ expectations on multiple levels. Analysts polled by FactSet expected 463,310 deliveries, while analysts polled by LSEG had 469,828 deliveries penciled in.
Despite the miss, there are some positives for Tesla, considering that this was the first growth in deliveries it had seen in 2024. It previously had a 6.5% slide in global deliveries for the first half of the year.
Still, these numbers make it unlikely that Tesla will manage to clear CEO Elon Musk’s goal of surpassing the record of 1.8 million cars delivered in 2023. The EV maker delivered 1,293,656 units in the three quarters and would have to also have a record fourth quarter by a significant margin to get there.
Investors were not particularly pleased with Tesla’s delivery report as the company’s stock dropped by 3.5% on Wednesday to close at $249.02 per share. This resulted in all of the stock’s gains in 2024 being wiped out.