Tesla shares plunge after disappointing third-quarter deliveries

Tesla deliveries miss Wall Street target shares fall 6

Tesla has not commented on NHTSA's actions, but company CEO Elon Musk tweeted on Wednesday that over 550,000 people had used Smart Summon and added that a Smart Parking feature will follow in one or two months, but that it might be "a little silly at first".

The company also delivered 79,600 Model 3 sedans in the third quarter, beating estimates of 79,470, but the pace of growth was just 2.6% from the previous quarter.

Shares of Tesla were down 4.3% to $232.65 at time of publication.

The feature is called Smart Summon and is created to allow a Tesla owner to retrieve their vehicle remotely, using an app.

Tesla CEO Elon Musk had hinted the electric carmaker could reach 100,000 vehicles delivered in the third quarter. Tesla cautions that operators should only use it if the vehicle is in their line of sight and that they should be prepared to stop it quickly.

"Our delivery count should be viewed as slightly conservative, as we only count a auto as delivered if it is transferred to the customer and all paperwork is correct", Tesla said in a press release. In 2018's third quarter, the company delivered 83,774 vehicles, including 63,359 Model 3s and a combined 12,100 of its S and X models. This was a painful shift given the higher margins on these vehicles. That's not going to be good for Tesla's profit figures, which are expected out later this month.

B-17 Crashes at Bradley Airport in CT
The plane had another minor incident during a tour stop in Nebraska in 1995 when part of its landing gear would not lock in place. The left wing and tail appear to be all that remains of the airplane. " We have an active fire and rescue operation underway ".

Most of the vehicles Tesla put out in the quarter were its standard Model 3, which accounted for 79,600 of its deliveries, short of analysts' expectations of more than 80,000.

The company has issued guidance to investors to expect 360,000 to 400,000 deliveries for the year.

That won't be easy, but it might be doable.

Tesla said its orders in the third quarter exceeded deliveries and that it was therefore entering the fourth quarter with a backlog. Tesla has enjoyed steady growth in production during the year-from 77,1000 in Q1 to 87,000 in Q2 and 96,155 in Q3.

In readiness for the start of production at the Shanghai facility, Tesla has now registered a construction company in China with registered capital of $1 million, and has started advertising jobs for battery-related production engineers.

As Bloomberg notes, Tesla and other car makers don't need permission from regulators to launch new systems on vehicles that comply with federal auto safety standards.

Related News:



Most liked

World stocks are plunging after USA manufacturing hits a decade low
The group's production gauge slipped to a 10-year low while the employment measure also dropped to the lowest since January 2016. A production line employee works at the AMES Companies shovel manufacturing factory in Camp Hill, Pennsylvania, US.

USTR’s tariff list on the European Union goods and comments
The World Trade Organization (WTO) plays a vital role in enforcing the global trade rules and resolving disputes between nations. Stock markets around the world, which were already down on concerns for the world economy, added to their losses on the news.

Green Day pay tribute after death of The Muffs' Kim Shattuck
While battling ALS Kim produced our last album, overseeing every part of the record from tracking to artwork. Kim Shattuck , lead singer, guitarist, and songwriter of the big '90s pop-punk band the Muffs , has died.

Trump lashes out at Democrats over impeachment inquiry
Trump did not name names but has long expressed frustration at some of the central figures in the investigation by U.S. The inquiry could lead to approval of articles of impeachment - or formal charges - against Trump in the House.

Turkey says work on Syria "safe zone" not yielding results
Turkey says it wants to settle up to 2 million Syrian refugees in the zone, and has repeatedly warned of unilateral military action if it is not satisfied with progress.

Sen. Bernie Sanders to attend October debate after hospitalization, campaign official says
House of Representatives seat in 1990, making him the first independent elected to the House in 40 years. Sanders is not the first candidate to face health issues in recent years while seeking the presidency.

Nigeria Set to Lose Tammy Abraham to England This Week
Chelsea striker Tammy Abraham says he has not decided on his global future as Gareth Southgate prepares to name his latest England squad.

California Will Allow NCAA Athletes To Profit Off Endorsements
I trust that these people will navigate through this like other issues and things that we've had in the past. Now, these states are providing a way for these athletes to get the money that they deserve.

George won't make NBA Clippers' debut in October
Now just imagine how Leonard and the Clippers will be received during their season opener against the Lakers on October 22. Kawhi Leonard - who signed with the Clippers as a free agent in July - said he is entering the season fully healthy.

Intel launches Core X-Series processors for creators and enthusiasts
The Intel Core i9-10900XE will feature 10 cores and 20 threads, whereas the Core i9-10920XE will have 12 cores and 24 threads. Next up is the Core i9-10940X with 14 cores, 28 threads, 3.3 GHz base speed, 4.6 GHz boost, 165 W TDP, and priced at $785.

UK probes auditors of Thomas Cook as foreign branches fall
Meanwhile, more information will be available on its website from October 7, said it. This would enable customers to get refunds within 60 days of receiving refund forms.

Scherzer will start NL wild-card game for Nationals
That brought up Juan Soto , the Nationals' 20-year-old cleanup hitter, who smacked a 96 miles per hour fastball into right. Milwaukee then couldn't add any runs in the ninth. "The inning was an ugly inning", Brewers manager Craig Counsell said.

Djokovic cruises into second round in Tokyo
With Djokovic serving for the win, Soeda broke his opponent for the first time when Djokovic double-faulted to make it 5-4. In the second set I ended up the match in a good fashion and I'm very pleased overall with the game".

Stop creating a generation of depressed, French minister urges Greta Thunberg
Pointing to his past experience as a KGB spy, Putin said "any conversation can be published - I always proceed from that". The White House last week released a transcript of a call this summer between Trump and a recently elected Zelensky.

State Department inspector general requests urgent briefing on Ukraine with congressional staff
They wrote that if it is true Pompeo participated in the call, then he is "now a fact witness in the impeachment inquiry ". The impeachment probe could lead to approval of articles of impeachment - or formal charges - against Trump in the House.