Tesla reported 365,000 EVs produced, an increase from the previous quarter for which it reported 258,580. Things were slightly better on the production front. This falls short of forecasts from experts such as Wedbush’s Dan Ives and New Street’s Pierre Ferragu who reduced his delivery target due to anticipated problems from the Shanghai gigafactory. According to StreetAccount, a subsidiary of FactSet, it reported a total of 343,000 deliveries, down from the predicted 364,660. Nonetheless, the EV leader failed to meet the moderate expectations set by Wall Street. Most experts weren’t expecting a groundbreaking quarter from Tesla where deliveries are concerned. Let’s take a closer look at what investors can expect as Tesla prepares for the year’s final quarter. It started the year on a high note but will it end it on a low one? That’s been mostly due to volatile market conditions but Tesla’s recent production and delivery report raise some questions about the company’s future. Even the successful enacting of a stock split hasn’t helped the company gain any serious momentum. Shares have rebounded since they plunged in June 2022 but still haven’t gotten back to where they were earlier in the year. It’s been a complicated quarter for TSLA stock. While the stock’s current trajectory indicates that it may move higher, it will be hard to overcome the negative momentum caused by the delivery report right away. As of this writing, it is down more than 8% for the day.
Since then, it has slightly rebounded but remains firmly in the red. TSLA stock dipped by almost 8.5% within the first hour of trading today. But after the company revealed its delivery and production statistics for the year’s third earnings quarter, shares were quick to fall. The electric vehicle (EV) leader enjoyed some momentum last week as it prepared for AI Day 2022. Tesla (NASDAQ: TSLA) stock is down this morning on some disappointing delivery news.
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