Tesla (TSLA) shares are under pressure after the company reported that it delivered 462,890 vehicles during the third quarter. This figure came in slightly below Wall Street’s expectation of 463,897 deliveries.
Morning Brief Hosts Seana Smith and Brad Smith dig into the third quarter sales report and analyze the stock’s performance over the last six months.
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This post was written by Melanie Riehl
We’ve got some breaking news out Tesla out with its latest delivery numbers, the EV maker reporting, it delivered 462,890 vehicles during the third quarter.
That’s slightly below the street’s expectations of nearly 464,000 deliveries here.
And so even as we’re taking a look through the stock reaction shares retracting here, we tracing by about 3.4% pre market and just, uh, reiterates the breakdown here for the deliveries 409 39,979 975 deliveries.
Um And that is for the model three and the Y of course, that makes up typically the Lion’s share between those two vehicles.
Of course, 75% of the model Y is essentially a model three.
So a lot of production synergies that they rely on there to make that happen.
But looking through that other model as well here, 22,915 other models delivery.
This is like the X, the S, the X, this is the Cyber Truck even that’s um, encapsulated within there.
So interesting, once we get to this earnings call that comes forward with this in mind, what the type of breakdown or any additional color that they might add around the breakout of those vehicles could look like.
Yeah, and you may be asking yourself the question as to why we’re seeing the stock move so much lower essentially.
Yes, they came in a bit light, but they did pretty much be here when you take a look or excuse me, pretty much meet expectations when you take a look at those headline numbers, a very, very, very slight me and, and I think the reason that we’re seeing such an extended reaction here in the pre market is because of how the stock has performed here over the last couple of months.
You’re looking at a three month gain of just about 30%.
You’re looking at a six month gain of about 46% and I’ve been going through a number of analyst reports and expectations ahead of this release here this morning and they were very optimistic about what we were going to hear from Tesla.
So the fact that we did get deliveries at 462,000, just slightly slightly below Bloomberg estimates.
I think that is enough to spark some concern that you’re seeing play out on the street here this morning.
I do want to note though, looking at a positive view of this report, this is the first quarter of growth this year.
We saw sales increase 6.4.
And we’ve been talking about what has been helping Tesla here as of late the last couple of months trying to boosting its subsidies for electric cars.
That is something that has been cited time and time again here from analysts that they expect that to continue to help Tesla here going forward regain some of that momentum.
So like you were saying, I think we will be looking ahead to that earnings print to that earnings call that will be coming in a little bit just for any more color on some of that demand that they’re seeing and also what those projections look like.
