The quarterly figures fell short of expectations.
(Photo: AP)
Bangalore The US carmaker Tesla missed the sales expectations of the experts and sent its shares plummeting. For the third quarter, the electric car maker announced sales of $21.45 billion on Wednesday after the market closed. Analysts surveyed by Refinitiv, on the other hand, had expected sales of almost $22 billion on average. Tesla shares initially fell seven percent in after-hours trading. Since hitting a record high in November, shares have lost roughly half their value.
From June to September, the world’s largest electric car manufacturer delivered 343,830 cars – actually a new record, as was announced in early October. However, Tesla fell short of expectations. The US group pointed to increased logistics costs and difficulties in organizing the transport of vehicles.
According to analysts, the economic downturn will not leave the world’s highest-rated automaker unscathed. Signs of this are expensive inventories – a novelty for the electric car pioneer, which has always produced fewer cars than it has been able to sell.
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