TSLA: Tesla Stock Skids After Q3 Deliveries Narrowly Beat Mid-Range Expectations

EV maker shipped 462,890 vehicles in the September quarter but failed to top the high-end of Wall Street’s expectations. Shares fell 3.5%.

• Tesla stock TSLA skittered 3.5% Wednesday after a lackluster delivery number. The EV maker reported third-quarter deliveries of 462,890. It managed to hit above the mid-range consensus views of 462,000 but fell short of meeting the high-end calls for 469,828 vehicles. The Elon Musk-led company had issued its own guidance of 461,978 units shipped globally.
• The nuanced mosaic of expectations painted a mixed picture for the stock. Apparently, some Wall Street bros were happy with the result. But the majority decided to sell the stock, resulting in the dip. It should be noted that the number was 6% higher than the year-ago performance and 4.2% higher than last quarter’s performance. In other words, quarterly growth is back on the menu as far as deliveries are concerned.
• Tesla sold 1.81 million cars in 2023. To beat that — and post year-over-year growth — it needs to sell roughly 515,000 cars this quarter, against expectations for 490,000. Shares of Tesla have enjoyed some nice momentum this past quarter, up 43%, as hype is building around the highly anticipated robotaxi event. On October 10, Tesla is expected to unveil its new product — self-driving cabs that could be a game changer for the auto industry (and maybe seize a chunk of Uber’s market share?)