Tesla misses on Q3 delivery expectations

Tesla has missed Wall Street expectations on vehicle delivery for the third quarter (Q3) reporting deliveries of 435,059 vehicles, nearly 7% lower than the previous quarter.

Tesla blamed the drop in deliveries to planned downtimes at its factories.

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.

Tesla has delivered 1.32 million vehicles so far this year, leaving a 480,000 sales hole to fill.

Tesla had a record second quarter, producing 479,000 and delivering 466,140 vehicles.

Tesla’s third quarter numbers still show growth from a year ago when it produced 365,923 and delivered 343,830 vehicles.

Tesla will hold its third-quarter earnings call after market closes October 18.

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