Tesla Inc. saw a significant drop in its stock value on Monday following its third-quarter delivery report, which fell well short of already-reduced expectations.
Tesla's stock, which had risen by 4.0% over the past two days in anticipation of the data, plummeted by 3.2% in premarket trading.
The company disclosed that it manufactured a total of 430,488 vehicles during the third quarter and delivered 435,059 vehicles. Compared to the previous year, production increased by 17.6%, rising from 365,923 EVs produced, while deliveries surged by 26.5%, up from 343,830.
The FactSet consensus for deliveries had been 461,000, but this figure had been gradually lowered from 462,000 the previous week and from 470,000 at the end of August.
Analysts had been revising their expectations downward due to concerns about weakening demand in China. This was attributed to the lower-priced Model 3 undergoing a refresh and the anticipation of limited volume growth.
Over the past three months leading up to Friday, Tesla's stock had declined by 4.4%, while the S&P 500 index fell by 3.7%.
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