Tesla dips after a slight miss with its Q3 deliveries report

Tesla (NASDAQ:TSLA) reported 462,890 deliveries for Q3 to fall short of the consensus estimate for a tally of 463,897 vehicles. The electric vehicle maker said it produced 469,796 vehicles during the quarter. Tesla (TSLA) said 3% of the deliveries total was subject to operating lease accounting. Model 3/Y deliveries for the quarter were 439,975 vs 435,920 consensus, while other models accounted for 22,915 deliveries vs. 26,315 consensus.

For reference, Tesla (TSLA) delivered 443,956 vehicles in Q2 of this year and 435,059 vehicles in Q3 of last year. Tesla’s (TSLA) all-time deliveries record was 484,507 vehicles in Q4 of 2023.

Shares of Tesla (TSLA) dipped 2.16% in premarket action on Wednesday. The EV stock is still up more than 20% over the last six weeks as some momentum has built up into the Robotaxi event. Lucid Group (LCID) was up 0.92% premarket. Rivian Automotive (RIVN) was down 0.29%.

Looking ahead, Tesla (TSLA) will host a high-profile robotaxi event with the title “We, Robot” at Warner Bros. Studios in Burbank, California on October 10. The event was originally scheduled for August 8 before Elon Musk said the company needed more time to make an important design change and to prepare to show off a few other things. The highlight of the event is likely to be the reveal of a Cybercab protype, which is anticipated to be a two-door sedan with a front that is relatively similar to the Model 3. Elon Musk and gang could also deliver estimates on the size of the robotaxi market, a timeline for achieving unsupervised FSD, the potential for incremental AI-driven revenue, and other applications of the company’s growing robotic technology.