Tesla shares fall after 3Q deliveries miss estimates

Tesla shares fell after third-quarter deliveries missed estimates
Tesla shares fell after third-quarter deliveries missed estimates

Tesla reported lower-than-expected third quarter auto deliveries Wednesday, pushing shares lower in after-hours trading.

The electric carmaker, which is led by Elon Musk, delivered 97,000 vehicles last quarter, a bit below the 99,000 projected by analysts.

The figures raised fresh doubts about the company's ability to hit its target of between 360,000 and 400,000 vehicles this year. The company's did not comment on the annual targets.

Based on figures for the first three quarters, the company would need at least 105,000 deliveries in the just to reach the lowest figure in the range.

Tesla shares fell 3.4 percent to $234.86 in after-hours trading.

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Citation: Tesla shares fall after 3Q deliveries miss estimates (2019, October 3) retrieved 19 October 2019 from https://techxplore.com/news/2019-10-tesla-fall-3q-deliveries.html
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Oct 03, 2019
Why didn't the article mention that Tesla sales of 97,000 was an all-time record? This is even more impressive considering that all the major auto manufacturers that have announced quarterly sales so far have reported declining sales.

And the article mentions "fresh doubts" that Tesla can reach the goal of 360,000 cars this year without mentioning that the new gigafactory in Shanghai is expected to open on Oct. 15.

Oct 03, 2019
Update to previous quote: The other major auto manufacturers have now posted third-quarter results, and Tesla is not the only manufacturer with a sales increase -- GM's sales were up 6% but nowhere near a record. But sales for Ford, Fiat-Chrysler, Nissan, Toyota, and Honda were all down.

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