Electric vehicle giant Tesla posted its third-quarter delivery numbers on Wednesday, falling slightly short of market expectations and causing a 3% dip in its stock price. Despite this, the company still managed to deliver an impressive 462,890 vehicles between July and September, marking a 6.4% increase from the previous quarter and a significant jump from the 435,059 vehicles delivered during the same period last year. The majority of these deliveries came from the popular Model 3 and Model Y, which combined for a total of 439,975 units.
Prior to the release of these numbers, Tesla’s stock had been on a tear, surging around 20% in the past month on the back of excitement surrounding its upcoming robotaxi event and positive news from China, where sales have been on the rise. However, investors have also been weighing the company’s slower annual growth rate, which Tesla warned about earlier this year. The electric vehicle maker is facing stiff competition in China from domestic players like BYD and Xpeng, which has led to recent price cuts and squeezed profit margins.
Next week’s robotaxi event is expected to be a crucial moment for Tesla, with analysts predicting it will mark a new chapter in the company’s growth strategy, centered around autonomous driving, artificial intelligence, and full self-driving capabilities. According to Wedbush analyst Dan Ives, “Robotaxi Day will be a seminal and historical day for Musk and Tesla, marking a new chapter of growth around autonomous, FSD, and AI future at Tesla.” Tesla is set to report its third-quarter earnings on October 23.
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