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Tesla’s quarterly vehicle deliveries fell short of market expectations, dashing hopes for a strong rebound on the back of a recovery in Chinese car demand.
The company delivered 462,890 vehicles globally in the three months to September, up 6.4 per cent from a year earlier. The increase was first of the year but missed Wall Street expectations for 463,000 vehicles. That pushed down its shares by more than 3 per cent on Wednesday.
But Tesla retained its position as the top electric-vehicle maker. This week, China’s BYD reported that third-quarter deliveries of EVs totalled 443,426 — a 2.7 per cent rise from the previous year.
The gain in battery-powered cars was modest for BYD but the group reported a 75.6 per cent increase in the sales of plug-in hybrids after it unveiled its latest hybrid technology in May.
Growth in EV sales has slowed globally but prospects in China, the world’s largest car market, have improved after Beijing in July doubled the subsidies offered to consumers who switched from a petrol vehicle to an EV or a plug-in hybrid.
Analysts had hoped that a boost in Chinese demand would bolster the momentum for the Austin-based company. For much of the year, Tesla has wrestled with increased competition from Chinese rivals, forcing it to slash prices on some of its models including lease prices.
Tesla is expected to unveil its first “robotaxis” — a fleet of self-driving taxis — next week as Elon Musk has made a radical strategic pivot towards autonomous driving, artificial intelligence and robotics.