As the world engages in discussions about Elon Musk's recent billion-dollar aid Twitter post, let's divert our attention to some less significant news, such as Tesla's recent deliveries. While it may not capture as much public attention, it's worth exploring.
As we are stepping into the final quarter of the year, it’s just about time to reflect on Q3 results. The preceding quarter posed challenges for many companies, as evidenced by stock indices, and Tesla was no different in facing these difficulties. Several price-cut rounds left their mark. However, despite these challenges, the company’s stock made it to the end of the trimester in the green, wrapping up the September quarter with a 2% gain. Here's a full list of the biggest gainers today. Currently, the stock of this formidable EV heavyweight has surged by an impressive 130% year-to-date, resulting in a valuation just shy of $800 billion.
Furthermore, Tesla achieved a high point in 2023 in mid-July when it announced the production of its first Cybertruck.
Unfortunately, the EV giant fell short of expectations for Q3 deliveries. The company failed to meet Wall Street's consensus, primarily due to a production rate that did not meet expectations. In total, Tesla shipped 435,059 units to customers worldwide. This figure falls short of the 450,000 units anticipated by Wall Street and represents a nearly 7% decline from the previous quarter when 466,140 vehicles were delivered, and 479,700 were produced. Nevertheless, Tesla's stock saw a modest 0.5% increase, indicating a relatively subdued market reaction.
During the release of the company's second-quarter earnings report, CEO Elon Musk had cautioned that production and delivery numbers would be lower due to necessary upgrades. Musk said that the company was still targeting 1.8 million deliveries in 2023 – a target the company reiterated on Monday. Tesla has delivered 1.32 million vehicles so far this year, leaving a gap of 480,000 sales to reach the target. Fingers crossed, Elon! The challenging market conditions and historically high interest rates have led consumers to be cautious about making significant purchases.
We can expect more comprehensive insights into the ups and downs of Tesla, the undisputed leader in the EV industry, when the company reports its third-quarter earnings on October 18th.
