Tesla Stock Falls 5% As Q3 Delivery Numbers Disappoint| MENAFN.COM

Thursday, 08 December 2022 04:58 GMT

Tesla Stock Falls 5% As Q3 Delivery Numbers Disappoint


(MENAFN- Baystreet.ca) Tesla Stock Falls 5% As Q3 Delivery Numbers Disappoint

Shares of Tesla (TSLA) are down 5% after the electric vehicle maker issued third-quarter
vehicle production and delivery numbers that disappointed Wall Street analysts.

Tesla said its total deliveries in the July through September period amounted to 343,000, while
its total electric vehicle production amounted to 365,000.

Those numbers fell short of analysts' expectations for 364,660 vehicle deliveries, according to
data from FactSet.

Tesla said it produced 19,935 of its higher priced Model S and X vehicles, and 345,988 of its
more popular Model 3 and Y vehicles during the third quarter. The company's production
increased from the previous second quarter, when it made 258,580 electric vehicles.

In Q3, Tesla faced higher commodity prices, executive departures, and difficulties getting its
new factories in Germany and Texas up-and-running.

Tesla's new factory in Austin, Texas has since hit a 1,000 vehicle per-week production rate on a
seven-day rolling basis.

Tesla also had to suspend most of its Shanghai factory production in July to make upgrades to
the plant. By August, however, the company's production and deliveries in China had
recovered.

In the U.S., Tesla fired an entire artificial intelligence office and made other staff cuts during the
quarter.

The company mandated that all employees return to the office full-time during the quarter. After
that, some employees were fired, and others chose to resign.

Tesla's stock is down 34% on the year and trading at $265.25 U.S. per share.

MENAFN03102022000212011056ID1104961881


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.