Tesla Slides On Q3 Deliveries: What The Numbers Mean For EV Stock

Tesla Inc TSLA shares are trading lower on Monday. The EV company reported third-quarter production and delivery numbers before the market open.

What Happened: Tesla said it produced 430,488 vehicles in the third quarter, down from 479,700 in the second quarter. The EV maker delivered 435,059 vehicles in the quarter, down from 466,140 in the previous quarter. 

Tesla produced 416,800 Model 3 and Model Y vehicles and 13,688 Model S and Model X vehicles. The company delivered 419,074 Model 3 and Ys and delivered 15,985 Model S and X vehicles.

Tesla said its lower production numbers were a result of planned downtimes for factory upgrades. The company noted that its 2023 volume target of around 1.8 million vehicles remains unchanged. 

Tesla also announced that it will report third-quarter financial results after the market close on Oct. 18. The EV company is expected to report quarterly earnings of 80 cents per share on revenue of $24.79 billion, according to estimates from Benzinga Pro.

See Also: After Model 3 Refresh, Tesla Launches Updated Model Y With Black Wheels In China

TSLA Price Action: Tesla has a 52-week high of $299.29 and a 52-week low of $101.81.

Tesla shares were down 3.38% at $241.77 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.