Tesla (TSLA) on Wednesday reported third-quarter deliveries that slightly exceeded expectations, sending shares down about 3%.
The EV maker delivered 462,890 vehicles in the three months ended September 30, up 6.4% quarter-on-quarter, marking the first quarter of delivery growth this year. The figures also came in ahead of the 435,059 electric vehicles the company delivered last year.
Wall Street had expected Tesla to get closer to 463,897, according to Bloomberg.
The Model 3 and Model Y represented the majority of Tesla’s overall total, with these two vehicles combined for 439,975 deliveries.
Prior to the release of the delivery figures, Tesla shares had risen about 20% over the past month, fueled by optimism about the upcoming robotaxi event on Oct. 10 and good news from China that indicated rising sales there.
But investors have also debated a “significantly lower” annual growth rate for vehicles, which Tesla warned about after the first quarter.
The company currently faces stiff competition in China from Chinese automakers such as BYD and Xpeng. Recent price cuts have also put pressure on profit margins as competition increases.
Analysts have said next week’s robotaxi event will be a pivotal moment for the company’s future and its plans to further use artificial intelligence.
“We believe Robotaxi Day will be a groundbreaking and historic day for Musk and Tesla and will mark a new chapter of growth around the autonomous, FSD and AI future at Tesla,” Wedbush analyst Dan Ives wrote in a note on Tuesday to customers.
Tesla will report third-quarter results on October 23.
Alexandra is a senior reporter at Yahoo Finance. Follow her on X @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
Pras Subramanian is a reporter for Yahoo Finance. You can follow him Tweet and on Instagram.
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