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Tesla Inc.
TSLA, + 17.35%
announced deliveries of 83,500 vehicles in the third quarter, including the delivery of 55,840 model 3 vehicles that exceeded the FactSet consensus of 55,600 vehicles. The electric car manufacturer also delivered 14,470 S model vehicles, above the FactSet consensus of 12,900, and 13,190 X model vehicles to be expected from 12,500 vehicles. The company said 8,048 models 3 were in transit at the end of the quarter, which will be included in fourth quarter shipments. The company has stated its target of 100,000 model S and X deliveries in 2018. Production reached 80,142 vehicles, 50% more than the second-quarter record. According to Telsa, shipments rose, despite headwinds of trade tensions with China, which resulted in a 40% import duty rate on Tesla vehicles, compared to 15% for other cars imported into China. To cope with headwinds, the Tesla said it was accelerating the construction of its Shanghai facility. The stock fell 0.6% in pre-market trading, after climbing 17% the previous session after settling in the SEC with CEO Elon Musk. The stock lost 7.3% in the last three months until Monday, while the S & P 500 index
SPX, + 0.36%
gained 7.3%.
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