Tesla narrowly misses 100k deliveries in Q3

Shanghai. The factory is expected to begin production before the end of 2019 which could help Tesla meet its goal to deliver at least 360,000 vehicles

Tesla's lowest-priced vehicle, the Model 3 sedan, remained by far its top seller during the third quarter, accounting for almost 80,000 of the deliveries.

Tesla delivered almost 100,000 cars in the third quarter.

The company's stock tumbled by more than 3% in after-hours trading on the news Wednesday.

Tesla delivered 79,600 Model 3s in Q3. Tesla has set a guidance of between 360,000 and 400,000 deliveries for 2019 but not hitting the third quarter target would make it hard for the company to reach the low end of that guidance. This is contrary to the company's goal of posting a positive net income in the third quarter.

The third-quarter numbers exceeded Tesla's delivery figures of 95,200 in the second quarter and is above last year's third-quarter figures of 83,500.

Total deliveries came in at 97,000 units for the quarter, below analysts' estimates of 97,477 vehicles, according to IBES data from Refinitiv.

"The company has yet to prove it can produce its vehicles at scale profitability, and we question management's projections of what the steady state of demand is for the current product lineup and roadmap", Cowen analysts wrote in a note to clients. Canaccord Genuity cut their price objective on shares of Tesla from $394.00 to $350.00 and set a "buy" rating for the company in a research report on Thursday, July 25th. Regentatlantic Capital LLC increased its holdings in Tesla by 4.7% during the 2nd quarter.

Tesla has long struggled to hit CEO Elon Musk's aggressive production and sales targets. Tesla shares jumped five per cent last 7 days soon after the e-mail obtained leaked to the news web site Electrek.

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally.

Separately, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday that USA regulators are looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company's Smart Summon feature. In accordance to estimates complied by Tesla, Wall Street used to be easiest observing for 94,422 autos for the third quarter (in preserving with 21 analysts). FactSet's deliveries' forecast was based this quarter on average estimates from 12 different analysts.

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