On Wednesday, Tesla announced its third-quarter (Q3) productions, deliveries, and deployments report, causing stocks to fall more than 4% as of this writing.
The third quarter, which ended September 30, saw the production of 469,796 vehicles and delivery of 462,890 vehicles. This falls short of Wall Street predictions.
Even so, 2024’s third quarter outshone last year’s, with 435,059 EVs delivered and 430,488 produced. Tesla’s Q3 was also better than its Q2, with 443,956 EVs delivered and 410,831 produced.
Most of the Q3 EV production focused on Model X and Model Y, with 443,668 of those vehicles produced. There were only 26,128 other models produced.
The numbers come amid increased pressure from automakers in China and others in the United States. Some of Tesla’s biggest competitors include China’s BYD, Geely, Li Auto, and Nio.
In the U.S., Tesla faces competition from EV companies such as Rivian. But major automakers including Ford and General Motors are also starting to sell more electric vehicles. GM’s third-quarter report shows that its EV sales increased 60% year-over-year.
Even so, Tesla remains the top seller of battery electric cars in the U.S.
Tesla’s third-quarter earnings report comes out October 23, and investors will be closely watching the company’s profit margins.
Meanwhile, on October 10, Tesla plans to host an event showing off the designs of its new robotaxi. The event hopes to be a pivotal moment for the company, as well as the growing use of AI in Tesla vehicles.