Tesla's quarterly electric vehicle deliveries miss estimates

(Adds details, background) Oct 2 - Tesla Inc on Sunday announced its third-quarter electric vehicle deliveries were lower than expected and weighed down by production stoppages to update its factory in Shanghai. Tesla delivered 343,830 vehicles, while analysts on average had expected 359,162, according to Refinitiv. A year earlier Tesla delivered 241,300 units.

(Adds details, background) Oct 2 - Tesla Inc on Sunday announced its third-quarter electric vehicle deliveries were lower than expected and weighed down by production stoppages to update its factory in Shanghai.

Tesla delivered 343,830 vehicles, while analysts on average had expected 359,162, according to Refinitiv. A year earlier Tesla delivered 241,300 units. The world's most valuable automaker upgraded production lines at Shanghai after a resurgence in COVID-19 cases forced a suspension at the plant and fueled the first dip in deliveries after a nearly two-year-long record run.

However, the scheduled upgrade, along with disruptions at its suppliers' factories hurt most production in July. Total production rose 42% to 365,923 vehicles in the third quarter compared with 258,580 vehicles last quarter.

Tesla said it delivered 325,158 Model 3 compact cars and Model Y sport-utility vehicle, as well as 18,672 of its Model S and Model X premium vehicles to customers during the quarter.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)