Tesla Model 3
Silas Stein | picture alliance | Getty Images
Electric car maker Tesla‘s third-quarter vehicle deliveries fell short of investor expectations, despite reaching a record 97,000 vehicles.
The company’s stock tumbled by more than 4% in after-hours trading on the news Wednesday.
Analysts expected Tesla to deliver 99,000 vehicles during the third quarter, including 80,200 Model 3s, according to data compiled by FactSet. During the second quarter, Tesla delivered a record 95,200 electric vehicles, blowing away analysts’ estimates of 91,000.
Tesla said it delivered 79,600 Model 3 cars and 17,400 Model S and X vehicles in the third quarter.
Musk set expectations high again this quarter, telling employees in a recent email that the company “has a shot” at delivering 100,000 cars, which would set a new record. Shares of Tesla jumped more than 5% after electric vehicle news website Electrek reported the email last week.
Tesla has told shareholders to expect deliveries this year to fall between 360,000 to 400,000 vehicles, a 45% to 65% increase from 2018.
This year, Tesla began sales and deliveries to customers in further reaches than ever before. It now sells electric vehicles in China, Australia, Taiwan, the UK, and several markets through Eastern Europe, including in Poland and Hungary.
Tesla ships its cars from the U.S. to major markets, most notably China, where authorities exempted its electric cars from a 10% purchase tax at the end of August. Equity research firm JL Warren Capital expected orders in China to spike after that, in September, but cautioned shareholders that it would take time for those orders to translate into completed deliveries.
— CNBC’s Lora Kolodny contributed to this report.