Shares of Tesla Inc. experienced a sharp decline on Monday as the company reported third-quarter deliveries that fell short of already reduced expectations.
The stock (TSLA) dropped by 3.2% during premarket trading, despite a 4.0% increase over the past two days in anticipation of the data.
During the third quarter, Tesla produced a total of 430,488 vehicles and delivered 435,059 vehicles. Production witnessed a significant increase of 17.6% from the previous year's figure of 365,923 electric vehicles (EVs), while deliveries grew by 26.5% from 343,830.
The FactSet consensus had anticipated 461,000 deliveries, which was a decline from the previous forecast of 462,000 made last week and the even higher forecast of 470,000 at the end of August.
As concerns about slowing demand in China persisted and with the launch of the more affordable Model 3 refresh, analysts had lowered their expectations and predicted limited volume growth for the company.
Over the past three months leading up to Friday, Tesla's stock has recorded a loss of 4.4%, while the S&P 500 index (SPX) has seen a decline of 3.7%.
