Tesla reports misses estimates for quarterly deliveries; shares fall
© Reuters. FILE PHOTO: Tesla vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File Photo -Tesla missed market estimates for third-quarter deliveries on Monday as the automaker was forced to curb production due to planned factory shutdowns, sending its shares down 3.7% in trading before the bell.
The electric-vehicle maker handed over 435,059 vehicles in the three months to Sept. 30, down nearly 7% from the preceding quarter.The world's most valuable automaker produced 430,488 vehicles in the third quarter, compared with 479,700 in the second quarter and 365,923 a year earlier.An LSEG-compiled figure of eight analysts put the estimate at 459,949 vehicles, with the lowest estimate at 442,000 and the highest at 511,405.
Some analysts believe the factory upgrades could spark a rebound in deliveries in the fourth quarter by allowing Tesla to refresh its line-up with models that could compete better with offerings from U.S. rivals such as Ford will also be removed; self-promotional material or business-related solicitations or PR , and/or any other comment that contains personal contact specifcs or advertising will be removed as well.
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