Tesla’s (NASDAQ) shares dropped over 3% on Wednesday following the announcement of its Q3 2024 delivery figures, which totaled 462,890 vehicles.
The company reported a production output of 469,796 vehicles during the third quarter, comprising 443,668 units of Model 3/Y and 26,128 from its other models, including the Model S, X, and Cybertruck. In addition, Tesla deployed 6.9 GWh of energy storage products.
Although the delivery numbers were in line with market projections, Barclays analysts noted that many investors were anticipating a more substantial beat, causing the stock to react negatively.
Production figures slightly exceeded forecasts as well, but concerns about regional demand surfaced. Oppenheimer analysts mentioned that despite Tesla’s deliveries meeting expectations, a drop in European demand was counterbalanced by strong performance in China.
Attention is now shifting toward Tesla’s AI Day on October 10, where the company is expected to present new advancements in autonomous technology, including robotaxis and humanoid robots.
Wedbush analysts described the delivery numbers as a positive move but agreed that the results didn’t live up to the more ambitious expectations. However, they remain optimistic about Tesla’s ability to reach its full-year target of 1.8 million deliveries, despite previous obstacles.
“China displayed relative strength this quarter, but this was offset by softer demand in the US and Europe,” commented Wedbush. “Heading into the final quarter, we still believe Tesla can achieve its 1.8 million delivery target for FY24, which would be a notable accomplishment given the challenges earlier this year.”
Overall, while the Q3 delivery results may pressure Tesla’s stock in the short term, analysts remain positive about the company’s long-term growth potential, particularly in areas like AI and autonomous driving technology.
