Tesla said Wednesday it delivered a record 97,000 electric vehicles in the third quarter, a nearly 2% increase from the previous period, but still short of analysts’ expectations.
Tesla shares fell nearly 6% in after market trading on the news.
The company reported Wednesday that it produced 96,155 vehicles in the third quarter, a 10% increase from the previous period. Tesla has shown steady improvement in its production numbers over the past several quarters. Tesla produced 86,555 vehicles in the fourth quarter of 2018 and then dropped to 77,100 in the first period of the year. Numbers rebounded to 87,048 vehicles in the second quarter of 2019.
Analysts expected Tesla to deliver 99,000 vehicles during the third quarter, according to estimates compiled by FactSet.
Despite hitting record numbers and showing the ability to push production higher, the numbers still weren’t able to meet CEO Elon Musk’s lofty targets. Musk had said in a leaked email that the company could produce 100,000 vehicles in the third quarter.
Tesla said Wednesday it received record net orders in the third quarter and are entering the fourth quarter with an increase in its order backlog. Tesla added that nearly of its Model 3 orders were received from customers who did not hold a reservation.
Here’s a look back at the past several quarters of deliveries.
Tesla delivered 95,200 vehicles in the second quarter, a dramatic pop from the company’s first quarter delivery numbers when it reported deliveries of 63,000 vehicles, nearly a one-third drop from the previous period. The low first-quarter delivery numbers signaled what was to come: wider-than-expected loss of $702 million driven by disappointing delivery numbers, costs and pricing adjustments to its vehicles.