After the electric vehicle manufacturer reported quarterly sales that fell short of forecasts while still setting a record, Tesla shares dropped to their lowest price in more than two months on Monday.
Shares fell 8.6% to settle at $242.40, which was the lowest price since July 18. Tesla reported on Sunday that it built 365,923 cars and delivered 343,830 of them during the third quarter. The deliveries set a new high, but they fell short of the almost 358,000 automobiles predicted by analysts polled by Bloomberg.
The production and delivery discrepancy of 22,093 automobiles was attributed by the corporation to delivery problems.
Elon Musk, the CEO of Tesla, also addressed the delivery issue in response to a Twitter query.
Tesla has set a lofty goal to build around 495,000 Model Y and Model 3 vehicles in the fourth quarter of this year, according to a late last week report from Reuters. The article cited corporate internal strategies that Reuters examined. A little over 95% of Tesla’s production is made up of these two car models.
In part because large-cap tech equities generally have entered a bear market as the Federal Reserve raises interest rates, Tesla shares have lost approximately 25% year to far. The tech-heavy Nasdaq Composite has decreased by 31% since 2022.
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