The Austin, Texas, company said Wednesday that it delivered 4,62,890 vehicles from July to September, backed by loans as low as 1.99% and monthly leases of $299 for the Model 3, its least expensive vehicle. It delivered 4,35,059 vehicles during the same period last year.
The July-September numbers were slightly higher than analyst estimates of 4,62,000 for the period, according to data provider FactSet.
However, Tesla Inc. shares fell sharply in morning trading, down nearly 4%.
Deliveries were “good and a step in the right direction,” wrote Wedbush’s Dan Ives, but there would be pressure on the company’s stock because investors expected even better.
“Overall, this is a clear improvement over the first half and we believe getting to the 1.8 million range for the year remains the key and important target,” Ives said.
Tesla has struggled for much of the year to sell its aging model lineup, as electric vehicle sales growth in the United States and Europe slowed due to concerns about range, pricing and charging capabilities during the years. trips.
Falling sales at the beginning of the year led to previously unheard of discounts for the automaker, reducing its industry-leading profit margins. Analysts estimated Tesla’s average vehicle sales price was $42,500 during the third quarter, the lowest price in four years.
Falling sales will likely reduce third-quarter earnings when they are announced on October 23.
Tesla’s sales decline comes as competition increases from traditional and emerging automakers, which are trying to reduce the company’s market share.
Almost all of Tesla’s sales came from the smaller, less expensive Models 3 and Y, and the company sold just 22,915 of its most expensive models including the X and S, as well as the new Cybertruck.
Wedbush analyst Dan Ives wrote in a note to investors on Tuesday that third-quarter sales would bring a rebound as sales in China continue to rise and price and demand stabilize. “As China continues to heat up with the Tesla demand story with favorable leasing/financing terms and pent-up demand in the region, we are confident that we will see a significant growth figure in the region,” he wrote.
Europe will remain sluggish due to macroeconomic pressures and US demand should stabilize, Ives wrote.
But BNP Paribas Exane said in a note to investors that long-term market expectations are somewhat high for Tesla. The company said its 2026 and 2027 sales estimates “remain 10% and 15% below the Street, respectively.”
Tesla is scheduled to unveil a specially designed robotaxi at an event next week.
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