Tesla Inc‘s (NASDAQ:TSLA) Q3 delivery numbers failed to meet expectations, prompting several analysts to voice concerns over the company’s future prospects. Truist Securities, Bernstein, and GLJ Research each provided insights, with issues ranging from pricing strategies, factory upgrades, and doubts over real demand for Tesla vehicles.
Here's what you need to know, and what the analysts think about the stock.
Deliveries, By The Numbers: The Elon Musk-led company said it 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 vehicles produced were Models 3 and Y, with 416,800 made, while Models S and X accounted for 13,688 of the vehicles produced.
The Truist Analyst: William Stein reiterated a Hold rating on Tesla, while lowering the price target from $254 to $243.
The Truist Takeaways: Stein said Musk's views ...