Tesla stock slumped Wednesday after the American electric vehicle titan reported its third-quarter car deliveries, which were in line with consensus forecasts but failed to meet the most bullish of Wall Street analysts’ expectations.
A Tesla charging station in southern California last month.
Tesla’s Q3 deliveries of 462,890 exceeded average analyst projections of 462,000, according to FactSet, but fell well short of forecasts of 470,000 from Barclays and UBS.
Shares of Tesla fell about 4% to $247 shortly after market open, on pace for its worst day in almost a month.
The 6% year-over-year quarterly delivery growth marks Tesla’s first quarter of 2024 with annual growth, improving on 9% and 5% annual declines during the first and second quarters, respectively.
This is a breaking news story and will be updated.