Tesla shares fall as investors expected ‘more robust’ delivery growth Investing.com

Investing.com — Shares of Tesla (NASDAQ: ) fell more than 3% on Wednesday after the electric vehicle giant reported deliveries of 462,890 vehicles in Q3 2024.

Tesla produced 469,796 vehicles during the quarter, of which 443,668 were Model 3/Y vehicles and 26,128 from other models, including the Model S, X and Cybertruck. The company also deployed 6.9 GWh of energy storage products.

While Tesla’s delivery figure was in line with consensus estimates, analysts at Barclays said in a note that they believe investors anticipated a more significant beat.

The company’s production figures were also slightly above estimates.

Oppenheimer pointed out that while Tesla’s deliveries met expectations, weakness in European demand was offset by strong performance in China.

They note that attention is now turning to Tesla’s AI Day on October 10, where the company is expected to showcase advances in robotaxis and humanoid robots.

Wedbush analysts described the shipment figures as a “step in the right direction” but noted that expectations for a stronger beat were not met.

They remain confident in Tesla’s ability to hit its full-year goal of 1.8 million deliveries, despite some challenges early in the year. The firm is looking forward to further guidance during Tesla’s Q3 earnings call on October 23.

“We think China showed relative strength this quarter, but was offset by weakness in the US and Europe,” Wedbush said. “Looking ahead to the rest of the year/Q4, with demand driving delivery performance, we remain confident in Tesla’s ability to achieve 1.8 million deliveries for FY24, which we will consider a performance given the broad first-half momentum of the year. of the year”.

Analysts generally expect near-term pressure on Tesla stock from the delivery results, but remain optimistic about the company’s long-term prospects, particularly in AI and self-driving.