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.

Minuteman III: United States answers North Korea launch with intercontinental ballistic missile
North Korea still has one seaworthy ballistic missile submarine, the Gorae , which remains berthed at the Sinpo Shipyard. Hours before the launch, Pyongyang said denuclearisation talks with the U.S. could resume this week.

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.

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