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Why Tesla Stock Is Falling Today

Stock Markets Oct 03, 2022 14:10
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Tesla Inc (NASDAQ: NASDAQ:TSLA) shares are trading lower Monday after the company reported third-quarter vehicle deliveries below Wall Street expectations.

Tesla said it produced 365,923 vehicles in the quarter and delivered 343,830. Deliveries consisted of 18,672 Model S and Model X vehicles and 325,158 Model 3 and Model Y vehicles. Deliveries fell short of expectations, but were up from 254,695 in the second quarter.

"Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," Tesla said.

"In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination."

Tesla also announced that it will report its third-quarter financial results after the market close on Oct. 19.

Related Link: Tesla Analyst Says 'This Quarter Was Nothing To Write Home About' But Won't Stop Momentum

TSLA Price Action: Tesla has a 52-week high of $402.66 and a 52-week low of $206.85.

The stock was down 5.01% at $251.98 at time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Why Tesla Stock Is Falling Today
 

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