Tesla’s share price fell approximately 3.7% on Wednesday after the company released its vehicle production and deliveries report for 3Q24.
The EV giant reported 462,890 deliveries of its EV in the third quarter of 2024, missing expectations from Factset StreetAccount predicting the figure to be at 463,310.
In addition, the company even fell short of expectations by a larger margin when compared to other estimates, as LSEG analysts predicted the number at 469,828, while an independent researcher widely followed by Tesla fans anticipated 472,000 deliveries in the quarter.
Meanwhile, Tesla’s own consensus, sent to preferred investors and influencers, showed a survey of 30 analysts forecasting 461,978 vehicle deliveries, which was below the reported number and indicated a beat.
Deliveries are the closest estimation of sales reported by the company and are one of the most scrutinized metrics on Wall Street.
At present, Tesla is encountering heightened competition with new challengers in the sector, particularly from China, such as BYD and Geely, and newcomers like Li Auto and Nio.
On the homefront, EV makers like Rivian are catching up, while industry veterans like Ford and General Motors are increasing their EV sales after retracting some of their goals for electrification.
Though Tesla has not released detailed guidance for deliveries in 2024, company executives are expecting lower delivery growth this year despite adding the Cybertruck to its catalog.
Tesla’s shares surged by 32% in the third quarter, eliminating their year-to-date loss. The stock has risen by nearly 4% in 2024, lagging behind the Nasdaq, which has seen a 19% increase.
