FILE PHOTO: Tesla vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File Photo:Tesla missed market estimates for third-quarter deliveries on Monday as the automaker was forced to curb production due to planned factory shutdowns, sending its shares down 3.7 per cent in trading before the bell.
Wall Street on average had expected Tesla to deliver 454,100 vehicles, according to 19 analysts polled by Visible Alpha. Some analysts believe the factory upgrades could spark a rebound in deliveries in the fourth quarter by allowing Tesla to refresh its line-up with models that could compete better with offerings from U.S. rivals such as Ford and BYD in China.
In the third quarter, Tesla cut prices of its premium Model S and Model X by 14-21 per cent in main markets China and the United States.