Tesla missed Wall Street’s expectations for Q3 deliveries after being forced to curb production at critical factories in the US and China due to planned shutdowns. The company’s stock fell 1.6% at the Monday opening bell but recovered as the trading session progressed.
Tesla’s 2023 Full-Year Delivery Target Unchanged Despite Q3 Miss
Shares of Tesla fell 1.6% at the market open on Monday after the automaker reported lower-than-anticipated Q3 deliveries as planned factory downtimes in the US and China weighed on output.
According to the quarterly report, the leading electric vehicle (EV) manufacturer delivered 435,059 vehicles in the three months that ended September, below the Wall Street consensus of 454,100, according to 19 analysts surveyed by Visible Alpha.
An average figure compiled by LSEG set the estimate at 459,949 vehicles, based on the lowest and the highest predictions of 442,000 and 511,405, respectively. The figure is also 7% lower than what Tesla delivered in the previous quarter.
From a production standpoint, the biggest automaker by market cap produced 430,488 vehicles in Q3, down from 479,700 in Q2, though higher than the 365,923 reported in the year-ago period.
Despite missing the estimates, Tesla’s reiterated its 1.8 million vehicles target for 2023. Some analysts think the recent factory upgrades could boost Tesla’s Q4 delivery as it will allow the company to refresh its vehicle lineup with models that could compete better with those produced by rivals like Ford and China’s BYD.
Rivian Beats Q3 Delivery Estimates
Meanwhile, US-based EV startup Rivian exceeded analysts’ estimates for Q3 deliveries as the company ramped up production to meet growing demand for its pickup and sport-utility vehicles (SUVs).
In particular, the carmaker delivered 15,564 vehicles in the third quarter, up 23% from the previous quarter and more than the Visible Alpha estimates of 14,740. The startup said it is on track to produce 52,000 vehicles in 2023, up from its previous forecast of 50,000.
The strong rebound comes despite concerns of waning demand for EVs in the US amid higher borrowing costs, which encouraged Tesla and other electric car manufacturers to impose a series of price cuts in 2023.
This article originally appeared on The Tokenist
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