Tesla Shares Fall As Quarterly Sales Miss Wall Street Estimates
TEHRAN (Tasnim) – Tesla Inc's shares dropped about 3.8% in early trading after the electric vehicle maker's quarterly sales slightly missed Wall Street predictions, raising concerns amid growing competition from China.
The US automaker, led by Elon Musk, sold nearly 463,000 vehicles in the three months ending September.
This marks a 6% increase from the same period last year and a 4% uptick over the previous quarter.
However, the sales slightly missed Wall Street's estimate of almost 464,000, leading shares to fall about 3.8% in early trading.
Tesla now requires a record fourth quarter to avoid its first annual decline in deliveries.
Analysts at Wedbush Securities called the figures a "mini step in the right direction" but cautioned that "more heavy lifting is clearly ahead."
They said it would be a "feat" if Tesla reaches its 1.8 million sales target for 2024 given the challenges it faces.
Tesla has been reducing prices to fend off cheaper alternatives from Chinese competitors.