Tesla misses on Q3 delivery expectations

Tesla delivered 435,059 vehicles in the third quarter, a result that missed Wall Street expectations and was nearly 7% lower than the previous quarter. Tesla said planned downtimes at its factories led to lower production and delivery numbers.
CEO Elon Musk had warned during the company’s second-quarter earnings call that production and delivery numbers would be lower due to the upgrades. Musk said, at the time, that the company was still targeting 1.8 million deliveries in 2023 — a target the company reiterated Monday. Tesla has delivered 1.32 million vehicles so far this year, leaving a 480,000 sales hole to fill.
Shares fell about 2% in early morning trading. Shares are now down less than 1% at $247.84.

The lower-than-expected results come after a record second quarter when Tesla produced 479,000 and delivered 466,140 vehicles. The automaker’s third-quarter numbers still show growth from a year ago when it produced 365,923 and delivered 343,830 vehicles.
Chart compares Rivian and Tesla deliveries from respective "start of delivery" quarters (Q2 2012 Tesla, Q3 2021 Rivian.