Tesla Inc. (TSLA, Financial) reported its third-quarter deliveries, slightly surpassing expectations with 462,890 vehicles, compared to the analysts' average forecast of 462,000 tracked by FactSet. The majority of deliveries were dominated by the Model 3 and Model Y, which totaled 439,975 units.
Before the release of this report, analysts were optimistic about Tesla's delivery outlook, contrasting with previous quarters' demand concerns. A Barclays analyst noted that investors likely anticipated Tesla's deliveries to exceed expectations, estimating 470,000, higher than the actual number reported.
As of the delivery data release, Tesla's stock had risen over 20% in the past month but fell by 3.49% following the announcement. The delivery report serves as a prelude to the company's earnings set to be published on October 23.
While delivery figures are often used as indicators of demand, they do not fully represent the company's financial health. Investors are also keenly focused on Tesla's profit margins, which will be detailed in the earnings report. Recent analyses suggest Tesla's margins have been under pressure, with Deutsche Bank analysts predicting flat or potentially declining margins for the remainder of the year.
The Deutsche Bank team also highlighted that import tariffs might affect deliveries in Europe and the U.S., with a more significant impact anticipated in the fourth quarter compared to the third. Increased Cybertruck sales could dilute overall performance, although efficiency gains from higher deliveries could offset some challenges.
Tesla also shared its production data, revealing a total of 469,796 vehicles produced in the third quarter, up from 410,831 in the second quarter.
