EconomyTesla shares fall 8.5% on lower car assembly in...

Tesla shares fall 8.5% on lower car assembly in the third quarter

Shares of Tesla on the Nasdaq fell 8.54% this Monday around 11:00 a.m. after the world’s most valuable automaker sold fewer vehicles than expected in the third quarter, as deliveries fell behind production due to to logistical problems.

Shares of the company are headed for a more than two-month low priced at $244 and a market capitalization loss of nearly $66.711 million as Tesla said it could not secure enough transportation for the vehicles it built. at a reasonable cost during peak production times.

It produced a record 365,923 vehicles in the quarter and delivered a new high of 343,830 units, against the market expectation of 359,162.

“Third quarter volume figures are probably not good enough to attract new equity buyers, especially as global financial markets are volatile and crippled by the twin challenges of inflation and rising interest rates,” said AJ Bell analyst Russ Mold.

In addition, an unusual gap of more than 22,000 units between production and deliveries spooked investors, despite Chief Executive Elon Musk promising “steadier deliveries” in the current quarter to reduce last-minute rush.

Tesla, which sees deliveries pick up towards the end of each quarter, said more of its new vehicles were in transit at the end of the third quarter.

“Although Tesla continues to signal that supply constraints limit deliveries, the potential for demand destruction looms over it,” JP Morgan analyst Ryan Brinkman said, citing rising prices, rising costs of lending and a likely slowdown in economic activity.

Musk, the world’s richest person, has set a goal of increasing deliveries 50% a year, meaning Tesla would have to deliver more than 450,000 vehicles in the fourth quarter to meet his goal.

Reuters reported exclusively on Friday that the electric vehicle maker has set an ambitious goal of producing nearly 495,000 Model Ys and Model 3s in the fourth quarter.

On the other hand, Musk unveiled his “Optimus” humanoid prototype, predicting the company will make millions and sell them for less than $20,000.

With information from Reuters

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