Tesla stock slips after EV maker misses estimates on deliveries

Tesla posted its third-quarter vehicle production and deliveries report on Wednesday. The stock fell as much as 3.7% after the report.

Here are the key numbers:

Total deliveries Q3 2024: 462,890

Total production Q3 2024: 469,796

Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount.

Deliveries are not defined in Tesla's financial disclosures, but are the closest approximation to units sold reported by the company. It's one of the most closely watched metrics on Wall Street.

In the year-ago period, Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles.

Tesla is facing increased competitive pressure, especially in China, from companies like BYD and Geely, along with a new generation of automakers, including Li Auto and Nio.

In the U.S., EV competitors like Rivian are maturing, while legacy automakers Ford and General Motors are selling more electric vehicles after walking back more ambitious goals for electrification.

GM this week reported a roughly 60% increase in EV sales for the third quarter from a year earlier. Still, its electric business is tiny compared with Tesla's, with just 32,100 units sold in the latest period, accounting for 4.9% of the company's total sales.

Ford plans to report results on Wednesday.

Tesla hasn't issued specific guidance for 2024 deliveries, but executives have said they expect a lower delivery growth rate this year versus last despite the company having added a new vehicle, the angular stainless steel Cybertruck, to its lineup.

The company also said on Wednesday that it deployed 6.9 GWh of energy storage products in the