Tesla’s highly-anticipated October starts with a dip
Tesla made an epic comeback last quarter, recouping all losses from this year as share prices rose 32%.
But it took a hit on Wednesday as Q3 vehicle deliveries fell slightly short. Tesla said that it delivered 462,890 vehicles to customers during the third quarter, up 6.4% from a year ago.
The number was roughly in line with the Street’s estimate of about 463,300 vehicles, but the so-called “whisper numbers” were in the range of 465,000 to 470,000, according to Dan Ives of Wedbush Securities. Investors were hoping that the strong demand for electric vehicles in China and government subsidies would boost EV sales.
Earlier this week, Chinese EV makers reported strong vehicle deliveries. Li Auto delivered about 153,000 vehicles for the third quarter, up 45% year over year; Nio quarterly delivery jumped 12%, while XPeng’s delivery grew 16% compared to the same quarter last year.
To be fair, this is the first time since Q4 2023 that Tesla reported positive growth. Over the past few months, investors have had high hopes for Tesla both because of optimism in China, but also due to Tesla’s long-waited robotaxi event on Oct. 10. Elon Musk said he would unveil Tesla’s self-driving prototypes during the event.
The number was roughly in line with the Street’s estimate of about 463,300 vehicles, but the so-called “whisper numbers” were in the range of 465,000 to 470,000, according to Dan Ives of Wedbush Securities. Investors were hoping that the strong demand for electric vehicles in China and government subsidies would boost EV sales.
Earlier this week, Chinese EV makers reported strong vehicle deliveries. Li Auto delivered about 153,000 vehicles for the third quarter, up 45% year over year; Nio quarterly delivery jumped 12%, while XPeng’s delivery grew 16% compared to the same quarter last year.
To be fair, this is the first time since Q4 2023 that Tesla reported positive growth. Over the past few months, investors have had high hopes for Tesla both because of optimism in China, but also due to Tesla’s long-waited robotaxi event on Oct. 10. Elon Musk said he would unveil Tesla’s self-driving prototypes during the event.
