Tesla Misses On Quarterly Delivery Numbers
Electric vehicle maker Tesla (TSLA) has reported third-quarter delivery figures that missed Wall Street expectations.
The company run by Elon Musk blamed the lower-than-expected deliveries on planned maintenance shutdowns and upgrades at its manufacturing plants around the world.
As a result, Tesla, which is scheduled to report quarterly results on October 18, delivered 435,059 vehicles in the three months ended September 30, down 7% from the previous quarter.
Analysts who cover the company had forecast deliveries of 459,949 vehicles for the latest quarter, according to an LSEG poll.
Tesla said that its production in the quarter took a hit as it carried out planned upgrades at its factories to roll out a newer version of its Model 3 electric sedan.
The company produced 430,488 vehicles in the third quarter, versus 479,700 in the previous three-month period.
Despite missing expectations, Tesla maintained its target to deliver 1.8 million vehicles for all of this year.
Deliveries of the updated and higher-priced Model 3 are expected to begin in the current fourth quarter, while a Cybertruck launch event is planned by year's end.
Tesla has been cutting prices aggressively in recent months to counter a slowing automotive market and fend off competition from rival automakers such as Volkswagen (VLKAF) and Toyota (TM).
In the just completed third quarter, Tesla cut prices of its premium Model S and Model X electric vehicles by as much as 21% in the U.S. and China.
Tesla's stock has increased 4% in the last 12 months and currently trades at $251.60 U.S. per share.
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