Tesla Inc TSLA shares trade lower on Monday after the company reported third-quarter vehicle shipments below Wall Street expectations.
Tesla said it produced 365,923 vehicles and delivered 343,830 in the quarter. Deliveries included 18,672 Model S and Model X vehicles and 325,158 Model 3 and Model Y vehicles. Deliveries were below expectations but increased from 254,695 in the second quarter.
“In the past, our shipment volumes have skewed towards the end of each quarter due to the regional batch manufacturing of cars. As our production volumes continue to grow, it becomes increasingly difficult to secure vehicle hauling capacity at a reasonable cost during these peak logistics weeks,” Tesla said.
“In Q3, we began transitioning to a more even regional mix of vehicle designs each week, resulting in an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to the customers’ destination upon arrival.”
Tesla also announced that it would release its third-quarter financial results after the market close on Oct. 19.
Related Link: Tesla Analyst Says “This Quarter Was Nothing Special” But Won’t Stop Momentum
TSLA Price Action: Tesla has a 52-week high of $402.66 and a 52-week low of $206.85.
According to Benzinga Pro, the stock is down 5.01% at $251.98 at the time of publication.
Photo: courtesy of Tesla.