Tesla Shares Drop After Deliveries Miss Expectations
October 03 2022 - 11:23AM
Dow Jones News
By Dean Seal
Shares of Tesla Inc. were down 7% to $246 in early trading
Monday after the company said vehicle deliveries rebounded to a
record in the latest quarter but were still below Wall Street
analysts' expectations.
The carmaker said had delivered 343,830 vehicles in the quarter
that ended in September, up from 255,000 in the previous quarter
following a temporary shutdown at its factory in Shanghai, and 42%
higher than the comparable quarter a year earlier.
Analysts surveyed by FactSet had projected around 371,000
vehicle deliveries during the quarter.
Tesla said the shortfall reflected changes made to its processes
that led to an increase in cars in transit at the end of the
quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 03, 2022 11:08 ET (15:08 GMT)
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