Tesla (TSLA) reported an increase in third-quarter delivery numbers. However, the share price of electric vehicle makers fell by about 3.5 percent after the numbers were reported. Earlier in the quarter, the Elon Musk-led company saw a rise in the stock price, but overall, Tesla has seen a decline in its share price in 2024.
Tesla reported more deliveries and production in the third quarter of 2024 compared with the same quarter a year ago. In Q3 2024, Tesla delivered 462,890 vehicles, compared with 435,059 vehicles in Q3 2023. In Q3 2024, total production in Tesla plants was 469,796, compared with 410,831 in the same quarter last year.
Analysts polled by FactSet StreetAccount estimated a larger number of deliveries—463 310—in the third quarter ending September 30 this year. Deliveries are the metrics Wall Street uses to approximate the quarter results that will be reported later this month.
CEO Tesla, Elon Musk’s antics, and a general economic slowdown have reportedly affected sales of Tesla vehicles in the US. Legacy competitors, including Ford and General Motors, have been showing an improvement in sales after a slower start.
Tesla was the first giant electric vehicle maker in the US, and legacy automakers took time to catch up on the emerging electric vehicle market.
Rivian Automotive Inc., an electric startup in the US, is also slowly but surely catching up with its main rival, Tesla, as it receives additional investments from large automakers, including the German automaker Volkswagen (VW), which will invest $5 billion in Rivian in a joint venture.
Tesla is still the leading battery manufacturer and is far ahead of the competition. It is expected to reveal its much-touted Robotaxi in a marketing event on October 10.
CWEB predicts that Tesla stock remains highly valued, but how high it will be will be determined after it unveils its Robotaxi and officially reports its third-quarter results, as competition such as Waymo and Pony.ai are already operating commercial services of robot axes.
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