Shares of Tesla Inc (NASDAQ:TSLA) traded down more than 2% Monday before rebounding after the company reported lower-than-expected vehicle production and delivery numbers for the third quarter.
Tesla produced 430,488 vehicles, down from 479,700 in the second quarter; 435,059 vehicles were delivered, down from the second quarter's 466,140.
Tesla said the reduced numbers were a product of planned downtimes aimed at facilitating factory upgrades, and that its full-year 2023 volume target of around 1.8 million vehicles was unchanged.
The majority of the produced vehicles were Models 3 and Y, with 416,800 made, while Models S and X accounted for 13,688 of the production.
What do the analysts think?
Wedbush Securities Managing Director Dan Ives said third-quarter delivery numbers were not impressive, falling below Wall Street's projections due to longer ...