Tesla share price falls after it misses deliveries target
Shares in Tesla fell as much as six per cent in post-close trading after it delivered fewer vehicles than expected in the third quarter.
Elon Musk’s firm delivered a record 97,000 vehicles in the quarter, up 1.9 per cent on the previous three months. However, this was below estimates of 97,477.
The total consisted of 79,600 Model 3 sedans and 17,400 Model S/X SUVs.
Musk has previously stated that Tesla aims to be profitable in the fourth quarter after breaking even in the third quarter. The company said it was focusing less on profit and more on volume growth, capacity expansion and cash generation.
The Tesla boss has come under pressure to meet his repeated promises to make his company sustainably profitable.
Musk is attempting to trim down costs while also splashing out on major initiatives such as a Shanghai factory and assembly-line, as well as upcoming models including the Model Y SUV and a Semi commercial truck.
Tesla has this year expanded sales of its electric vehicles into more markets than ever before, with much of its growth centred on its cheaper Model 3.
Deliveries for the Model 3 beat analysts’ estimates of 79,470 in the last quarter, according to Refinitiv data.
Main image credit: Getty