The highly anticipated third-quarter delivery report from (NASDAQ: TSLA) was released this morning, and investors were underwhelmed. Tesla's electric vehicle (EV) deliveries over the first half of this year were 6.5% lower than in 2023. Investors were expecting to see growth resume in the third quarter.
The results did, in fact, show Tesla's EV deliveries grew year over year, but investors still knocked the stock down by as much as 5.5% Wednesday morning. As of 11:25 a.m. ET, Tesla shares were still trading lower by 3.6%. The negative reaction was partly due to Tesla stock having already surged by about 20% over the last month. But there was more to the story.
Today's release showed only the company's production and delivery results. But investors have also been nervous as growing competition and resulting price wars have cut the EV leader's profit margin this year. Investors will have to wait until Oct. 23 for Tesla's full third-quarter financial update.
Source Fool.com