Tesla reported third-quarter sales that fell short of Wall Street estimates, citing the U.S. dollar’s growing strength, along with production and delivery bottlenecks.
Tesla Inc. reported third-quarter sales that fell short of Wall Street estimates, citing the U.S. dollar’s growing strength, along with production and delivery bottlenecks.
Investors are paying close attention to how quickly Tesla can increase output of its mass-market Model Y SUV from new factories in Austin and Berlin -- a key milestone for the pioneering EV maker. Tesla cited higher costs related to a slower-than-expected ramp up in output at the new factories, as well as difficulties shipping vehicles.
Tesla shares were down 3 per cent to US$215.29 at 4:19 p.m. in New York after the results were announced. They have declined 37 per cent this year against the backdrop of Musk’s US$44 billion bid to buy Twitter and concerns over a slowing economy, higher inflation and rising interest rates. The Austin, Texas-based company is sticking to its long-held plans to increase vehicle deliveries by 50 per cent on average annually over multiple years. It expects to begin delivering the new Semi Truck in December.
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