Tesla Inc. witnessed a decline in its share price today following the revelation of a slowdown in car production and deliveries during the third quarter.
Tesla’s shares experienced a decrease of 0.53%, settling at $248.89.
The electric vehicle manufacturer reported that third-quarter vehicle production reached 430,488 vehicles, while vehicle deliveries amounted to 435,059 vehicles. These figures, while substantial, were lower than the second-quarter statistics, which stood at 479,700 vehicles produced and 466,140 vehicles delivered, respectively.
Tesla attributed this deceleration in production and deliveries to pre-planned factory shutdowns, which temporarily disrupted their operations.
Despite these challenges, Tesla remains committed to its 2023 vehicle production and delivery targets, indicating its resolve to meet its long-term objectives and address any temporary setbacks.
Investors and industry observers will continue to monitor Tesla’s performance in the coming quarters as the company navigates these production challenges and works toward its ambitious goals for the future.