Tesla shares took a hit Wednesday evening after the electric-car maker’s third-quarter vehicle deliveries fell short of expectations.
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In after-hours trading, Tesla stock was down nearly 4% after closing the regular session at $243.13. The stock is well off its 52-week high of $379.49, which was set last December.
The electric car maker missed Wall Street estimates of 99,000 vehicles as it reported deliveries of 97,000 vehicles. This number included 79,600 Model 3s and with the balance a mix of Models S and X, in the third quarter.
"Nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand," the company said in a statement. "We are continuing to focus on increasing production to meet that demand."
The company delivered 95,356 vehicles in the second quarter. In 2018's third quarter, the company delivered 83,774 vehicles, including 63,359 Model 3s and a combined 12,100 of its S and X models. Tesla records revenue when a buyer takes delivery of a vehicle. Wall Street is looking for 106,000 deliveries in the fourth quarter, according to FactSet.
The company has issued guidance to investors to expect 360,000 to 400,000 deliveries for the year. Tesla also said it produced 96,155 vehicles in the third quarter, compared with 87,048 in the second.
Tesla has not announced a date for its third-quarter financial results, and even though Wall Street is looking for a loss of 40 cents a share on revenue of $6.47 billion, the company’s CEO, Elon Musk, has said he was "pretty confident" the company would break even.