Tesla reported its first quarterly sales growth this year. Nevertheless, it disappointed investors

In recent years In three months, the company led by Elon Musk delivered 462,890 cars to customerswhich is an increase of 6.4%. compared to the previous year – Bloomberg reports. Total production in Q3 2024 was 469,796 units.

During the same period last year, Tesla reported deliveries of 435,059 units, with production of 430,488 electric vehicles. However, in the previous quarter, sales were at the level of 443,956 units, with 410,831 vehicles produced.

The result was below expectations

Tesla’s final sales were below market expectations. According to analysts polled by Bloomberg deliveries were expected to be around 463,900 units.

As reported by CNBC according to FactSet StreetAccount estimates, analysts expected 463,310 units to be delivered in the period ending September 30. Other estimates also indicated higher sales levels. According to LSEG analysts on average expected deliveries of 469,828 vehicles.

The results disappointed investors, especially since Tesla received support this quarter from the Chinese government, which doubled incentives for consumers to replace older cars with electric models, fueling demand in the world’s largest electric vehicle market.

Negative market reaction

After Tesla published a report on vehicle production and deliveries in the third quarter of 2024, the shares fell by 3.7%. Later, the decline deepened even further. At 10:30 a.m. in New York, Tesla’s share price fell 6.4 percent.

Tesla shares had a tumultuous 2024, recovering from a more than 40% decline seen in mid-April. The main reason for the April decline in Tesla’s shares was the disappointed expectations of investors regarding Musk’s long-promised robotaxi, the presentation of which was moved to October 10 this year.

In the eight weeks preceding the report, the company’s shares rose by 35%. and now they are quoted below the level from a year ago and at a level similar to the one at which they started the year.