(Reuters) – Tesla delivered fewer vehicles than expected in the third quarter due to increased competition, sending the automaker’s stock lower in New York.
The electric vehicle (EV) manufacturer delivered 462,890 vehicles in the three months to September 30, an increase of 6.4% compared to the previous quarter.
However, analysts surveyed by LSEG predicted that the company led by Elon Musk would deliver 469,828 vehicles over the period.
On the New York Stock Exchange, Tesla shares lost 4.95% at 2:40 p.m. GMT.
Tesla will need to deliver a record 516,344 vehicles in the fourth quarter to reach the annual delivery figure of 1.81 million units for 2023. If this figure were not reached, the manufacturer would record its first annual drop in deliveries.
Tesla faces increased competition in the United States, fewer European subsidies and a slowdown in consumer spending in China, the world’s largest automotive market where local players are growing at high speed.
(Written by Akash Sriram in Bangalore, Elena Smirnova, edited by Blandine Hénault)
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