Elon Musk's Tesla delivered fewer vehicles than analysts had expected in the third quarter, as increasing competition in China and Europe hurt demand for aging models, and the electric car maker delivered fewer vehicles than analysts expected for the first time in its history. is at risk of decreasing annual vehicle deliveries.
Shares of the world's most valuable automaker fell 5% in morning trading Wednesday, on track to erase almost all of this year's gains.
Increasing consumer interest in hybrids over EVs, a lack of subsidies in Europe and strong competition in China hampered Tesla's deliveries, but Chinese automakers such as BYD and Xiaopeng With the help of .
Tesla announced that vehicle deliveries in the July-September period rose 6.4% to 462,890 vehicles, marking the highest growth rate in the first quarter of this year.
However, this number fell short of the 469,828 expected, according to 12 analysts surveyed by LSEG.
Gallo Sevilla, senior technology analyst at eMarketer, said: “The lower than expected results reflect the difficulty in achieving our overall delivery target for 2024 and the prospects for sustained growth beyond the current lineup.'' It may indicate that.”
Tesla currently needs a record 516,344 deliveries in the fourth quarter to maintain its 2023 delivery level of 1.81 million vehicles.
If a shortage occurs, Tesla could record its first decline in deliveries in a year.
The report was released ahead of a high-profile event in Los Angeles on October 10, where Tesla is expected to unveil its robotaxi product as it shifts its strategy toward AI-powered self-driving technology. .
Tesla delivered 439,975 Model 3s and Model Ys, and 22,915 other models, including the Model S sedan, Cybertruck, and Model X premium SUV.
Production volume from July to September was 469,796 units.
BMW took the lead in Europe's battery electric vehicle market for the first time in July, beating Tesla, which continues to lose market share to domestic companies, according to a report from JATO Dynamics.
Still, some analysts said the return to growth is a positive sign for Tesla and shows that some of the incentives it has rolled out to boost demand are working.
Matt Blitzman, senior equity analyst at Hargreaves Lansdown, said: “Taking a step back, today's numbers show that the most important thing to see is a return to growth in car deliveries, especially to stimulate demand in a difficult auto market. “This is especially true given that promotions and financing conditions have been significantly strengthened.” People who own Tesla stock.
Tesla introduced a series of new incentives this spring, including insurance and interest-free financing offers, particularly in China, where it accounts for a third of its sales.
Tesla's deliveries also exceeded those of rival BYD, which delivered 443,426 battery electric vehicles in the third quarter.
This is partly due to the Chinese EV giant's focus on plug-in hybrid vehicles, with shipments increasing by more than 75% in the latest quarter.
