Tesla Stock Slips 5% as Deliveries Fail To Impress

Tesla (TSLA) shares lost ground Wednesday morning after the electric vehicle maker reported higher deliveries than analysts anticipated for the third quarter, but investors may have had higher expectations.

Tesla delivered 462,890 vehicles in the quarter, the closest metric to sales that Tesla reports, and said it produced 469,796 vehicles in the quarter. Those figures are up from 435,059 deliveries and production of 430,488 vehicles in the third quarter a year ago.

A ‘Step in The Right Direction’

Analysts had expected roughly 461,000 deliveries and production of just under 450,000 vehicles, according to estimates compiled by Visible Alpha. Wedbush analysts said the figures were “a step in the right direction,” but added the stock could be pressured as investors may have expected more.

Deliveries fell year-over-year in the first two quarters of the year, leading Tesla stock to sink over the first half of the year, before recovering in recent months. Analysts from Deutsche Bank and Wedbush said in the week leading up to Wednesday’s announcement that investors’ focus will likely be more on next week’s planned “robotaxi” unveiling rather than the delivery data.

The EV maker also announced Wednesday that its full third-quarter results will be released after the market closes Oct. 23.

Tesla shares were down 5% at $244.86 in early trading Wednesday following the news.