Tesla Misses Q3 Vehicle Delivery Estimates Amid Competitive Market

Tesla reported third-quarter vehicle deliveries below estimates despite incentives and low-cost financing. The company delivered 462,890 vehicles in the quarter, up 6.4% from the previous quarter but below Wall Street expectations of 469,828 vehicles.

Tesla on Wednesday reported third-quarter vehicle deliveries fell short of estimates. Despite offering incentives and low-cost financing, demand for its aging models did not pick up as expected in a highly competitive market.

The electric vehicle manufacturer handed over 462,890 vehicles during the three months ending Sept. 30, marking a 6.4% increase from the prior quarter.

However, the deliveries were below the 469,828 vehicles that Wall Street, on average, had projected, according to a poll of 12 analysts by LSEG. The shortfall underscores the challenges Tesla faces in sustaining growth amid rising competition.

(With inputs from agencies.)