Tesla shares fall 8% as the electric car giant struggles to find enough transport companies to deliver its vehicles
Tesla shares fell 8% after selling fewer vehicles than expected due to delivery issues.
The world’s most valuable automaker – led by billionaire Elon Musk, who is trying to scrap a deal to buy Twitter – produced a record 365,923 electric cars in the third quarter.
Tesla also delivered 343,830 cars – also a record, but less than expected due to logistical issues.
Tesla – led by billionaire Elon Musk (pictured) – produced a record 365,923 electric cars in the third quarter
Tesla said it was unable to find enough companies to ship cars off its production lines at a reasonable cost.
The delivery shortfall comes amid demand concerns among investors and analysts due to rising Tesla car prices, higher borrowing costs and a lackluster outlook for global economic growth.
“As Tesla continues to indicate that supply constraints are limiting deliveries, the potential for demand destruction is significant,” said JP Morgan analyst Ryan Brinkman.
The company will need to ship more than 450,000 vehicles in the fourth quarter to meet its goal of increasing deliveries by 50% per year.