Tesla (TSLA, Financial) reported third-quarter deliveries of 462,890 vehicles, just shy of market expectations of 463,897. The shortfall is mainly due to incentives and low-cost financing failing to boost demand for its older models. However, Model 3/Y deliveries reached 439,975 units, exceeding market expectations.
TSLA stock fell 4.25% in early trading, although it has gained over 20% in the past six weeks, driven by anticipation for the upcoming Robotaxi event. Meanwhile, Lucid Group (LCID) and Rivian Automotive (RIVN) also experienced stock price fluctuations.
Tesla produced 469,796 vehicles in the third quarter, with 3% of total deliveries impacted by operating lease accounting. Model 3/Y deliveries exceeded expectations of 435,920 units, while other models fell short, with 22,915 units delivered compared to the anticipated 26,315 units. Year-over-year deliveries increased from 435,059 in Q3 2022 and 443,956 in the previous quarter. Tesla's highest delivery record stands at 484,507 vehicles in Q4 2023.
Looking ahead, Tesla plans to host a "We, Robot" event on October 10, potentially showcasing the Cybercab prototype, a two-door car with a front similar to the Model 3. Elon Musk and his team may provide insights into the robotaxi market, timelines for achieving unsupervised FSD (Full Self-Driving), incremental AI-driven revenue potential, and other applications of Tesla's robotic technology.
Despite missing Q3 delivery expectations, the strong performance of the Model 3/Y underscores robust demand for Tesla’s key models. The upcoming Robotaxi event may offer further guidance on Tesla's future developments.
