Tesla (TSLA) recently announced its third-quarter deliveries, which fell slightly below expectations, causing the stock to drop by about 3%. The electric vehicle maker reported delivering 462,890 vehicles in the three months ending Sept. 30, representing a 6.4% increase from the previous quarter and the first quarter of delivery growth this year. This figure also exceeded the 435,059 EVs delivered in the same period last year, although Wall Street had anticipated a closer number to 463,897, according to Bloomberg.
The majority of Tesla’s deliveries were attributed to the Model 3 and Model Y, which combined for 439,975 deliveries. Prior to the announcement, Tesla’s stock had been on an upward trend fueled by optimism surrounding its upcoming robotaxi event and positive news from China indicating rising sales.
However, concerns about a “notably lower” annual vehicle growth rate, as warned by Tesla earlier in the year, have been circulating among investors. The company is facing stiff competition in China from local automakers like BYD and Xpeng, leading to recent price cuts that have impacted profit margins.
Analysts are closely watching Tesla’s robotaxi event next week as a potential turning point for the company’s future, particularly in the realm of autonomous driving, full self-driving capabilities, and artificial intelligence. Wedbush analyst Dan Ives described the event as a pivotal moment for Tesla’s growth trajectory.
Tesla is set to report its third-quarter earnings on Oct. 23, and industry experts are eager to see how the company navigates its current challenges and capitalizes on future opportunities.
The article was originally written by Alexandra, a Senior Reporter at Yahoo Finance, and Pras Subramanian, a reporter for Yahoo Finance. Follow them on Twitter and Instagram for more updates.
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