Tesla shares fell by eight percent on Monday after Elon Musk’s electric vehicle company released third-quarter production and delivery numbers which fell short of analysts’ estimates.
CNBC reports that shares of Tesla were down more than eight percent on Monday after Elon Musk’s electric vehicle maker released third-quarter production and delivery numbers on Sunday falling short of analysts’ estimates. Tesla reported 343,000 total deliveries and 365,000 vehicles delivered according to estimates by FactSet-owned Street Account.
Tesla has faced production issues at its new factories in Germany and Texas, executive turnover, and skyrocketing commodity prices in the third quarter which have all added to the company’s pains.
Tesla’s AI Day last Friday failed to boost the company’s short-term prospects. The centerpiece of the event was the reveal of the Tesla Bot which some analysts believe has potential but many industry insiders and experts in AI and robotics were unimpressed by the demonstration of the Tesla bot which walked around the stage and waved at the audience. Gary Marcus, an NYU professor and founder of Robust AI and Geometric Intelligence, called the Tesla robot demo at AI Day “sub-optimal.”
Cowen’s Managing Director for Energy, Sustainability and Mobility Tech, Jeffrey Osborne, included a note following Tesla’s Q3 deliveries report: “Tesla has ample cash and has undertaken a meaningful global manufacturing expansion with facilities in China, Berlin, and Austin, TX with the latter two approaching full ramp. While competition in the EV space continues to heat up, Tesla’s focus on electrical efficiency and investment in battery technology likely makes them tough to chase in the short term.” Currently, Cowne has a “market perform” rating on shares of Tesla and a price target of $244 per share.
Read more at CNBC here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan