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Shares of Tesla Inc. took a dive Monday, after the electric-vehicle giant reported third-quarter deliveries that were well below already-lowered expectations.
The stock
TSLA,
dropped 3.2% in premarket trading, after rising 4.0% over the past two days in anticipation of the data.
The company said it produced 430,488 vehicles during the third quarter and delivered 435,059 vehicles. Production was up 17.6% from 365,923 EVs produced a year ago while deliveries increased 26.5% from 343,830.
The FactSet consensus for deliveries was 461,000, which has declined from 462,000 last week and from 470,000 at the end of August.
Analysts had been lowering their expectations amid concerns over slowing demand in China, as the lower-priced Model 3 was getting a refresh and given expectations of limited volume growth.
Tesla’s stock has lost 4.4% over the past three months through Friday, while the S&P 500 index
SPX
has declined 3.7%.
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