Tesla shares sink after deliveries fall short — and here’s why Wall Street is alarmed
- by New York Post
- Oct 02, 2024
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Shares of Elon Musk’s Tesla fell on Wednesday.
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Tesla delivered 439,975 Model 3 and Model Y, and 22,915 units of other models, which include the Model S sedan, Cybertruck and Model X premium SUV.
It produced 469,796 vehicles during the July-September period.
In July, BMW led the European battery electric vehicle market for the first time, beating Tesla, which has been losing market share to domestic firms, according to a report by JATO Dynamics.
Still, some analysts said that a return to growth marked a positive sign for Tesla and showed that some of the incentives it had rolled out to boost demand were working.
Tesla now needs a record-breaking 516,344 vehicle deliveries in the fourth quarter to maintain its 2023 delivery levels of 1.81 million vehicles. A shortfall could result in Tesla recording its first annual drop in deliveries. Cybertrucks, above.
Christopher Sadowski
“Taking a step back, deliveries returning to growth were the most important thing to come from today’s numbers, especially given the major push on promotions and financing terms to stimulate demand in a tricky auto market,” said Hargreaves Lansdown senior equity analyst Matt Britzman, who holds Tesla shares.
This spring, Tesla introduced a string of new incentives, including offers on insurance and zero-interest financing, especially in China, which accounts for a third of its sales.
Tesla’s deliveries were also higher than those of rival BYD, which handed over 443,426 battery electric vehicles in the third quarter.
That was partly due to the Chinese EV giant’s focus on plug-in hybrid vehicles, whose deliveries jumped more than 75% in the latest quarter.
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