Tesla shares remain in reverse after latest delivery numbers disappointed

Troubles with Tesla's automated parking summon safety regulators

It's a modest improvement over the 95,200 cars Tesla delivered in the second quarter.

Musk had goosed Wall Street's expectations when he recently told employees in an email that Tesla "has a shot" at delivering a record 100,000 cars during the quarter.

Tesla's deliveries are a closely watched number in the industry, providing the closest proximation to sales.

Shares in the electric vehicle firm fell by 4pc after hours after it posted the figures, which show the company delivered 97,000 cars.

The company unleashed the feature in its software version 10.0 update last week, allowing owners to use a smartphone to instruct the vehicle to come pick them up in a parking lot.

In one incident, a Tesla owner can be seen controlling his red Model 3 from the Tesla app, directing it out of a parking space before it crosses down a driveway and nearly hits an SUV. That compares to 55,840 Model 3s and 27,660 Model S and X vehicles in the third quarter of 2018. Analysts, according to FactSet, now expect the company to deliver 106,000 units.

Tesla says that it "achieved record net orders in Q3" and is "entering Q4 with an increase in our order backlog".

"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.

In total, the company reports, 16,318 Model S and Model X cars were built and Tesla sold 17,400 of both electric vehicles.

The electric auto maker has long struggled to hit CEO Elon Musk's aggressive production and sales targets. It also said the delivery count may be "conservative" because of the way it counts delivered cars.

Many on Wall Street have grown skeptical of Mr. Musk's pronouncements, such as his prediction last April that self-driving Tesla taxis would be available in some USA markets next year. It now sells electric vehicles in China, Australia, Taiwan, the United Kingdom, and several markets through Eastern Europe, including in Poland and Hungary. Equity research firm JL Warren Capital expected orders in China to spike after that, in September, but cautioned shareholders that it would take time for those orders to translate into completed deliveries. FactSet's deliveries' forecast was based this quarter on average estimates from 12 different analysts.

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