Tesla delivered a record 343,830 vehicles in its third quarter, falling short of the 364,660 total that analysts expected. The EV company said in a statement “it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks.”
Full Video Transcript Below:
J.D. DURKIN: Alright, here's a look at what we're watching on TheStreet. Tesla (TSLA) - Get Free Report may have reported record deliveries in its most recent quarter, but it still wasn't enough to meet Wall Street's expectations. The stock is lower despite the company delivering over 343,000 vehicles in the quarter. That is the single highest quarterly delivery in Tesla history. And even though that figure is up 42% from the same time just a year ago, analysts were expecting 371,000. For the final three months of this year, analysts are now anticipating another 457,000 manufactured Tesla vehicles, including the very popular model 3 and Model Y.
Tesla actually built around 20,000 more cars than it was able to deliver in the last quarter. The company said in a statement: ‘It is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost. During these peak logistics weeks.” The company was forced to suspend production, of course, at its Shanghai plant over COVID lockdowns earlier this year and has since opened gigafactories in both Texas and Berlin. That'll do it for us here at TheStreet. Stick with us for more on this and every other major market story that matters to you.