(News Bulletin 247) – The American electric vehicle specialist is down on Wall Street while its vehicle deliveries, although up year-on-year, were lower than expectations in the third quarter.

Tesla’s vehicle deliveries are a closely watched indicator for investors. In the third quarter, the American electric vehicle specialist delivered a total of 462,890 vehicles, compared to 435,059 in the same period of 2023, reflecting an increase of 6.40%.

Tesla has certainly observed an increase in its deliveries, but this number is lower than market expectations. Analysts expected the American group to deliver 469,828 vehicles over the period, according to an LSEG consensus cited by Reuters.

Broker Wedbush was also very optimistic and believed that Tesla would outperform the consensus.

The automotive group specializing in electrics and led by Elon Musk lost 3.9% on Wall Street following this announcement.

Increased competition in China

The difficulties of the company chaired and co-founded by Elon Musk can be explained by a multitude of elements. Tesla is facing intense competition from Chinese players, with BYD in the lead, particularly in China, which has led it to reduce its prices multiple times. Also, the reduction or elimination of subsidies has made electric vehicles less affordable for households.

For 2024, Tesla had not given a target for its deliveries. The group admitted that its growth rate could be significantly lower than that of 2023 (38% for deliveries). Previously, the group expected to increase its sales by 50% per year…