Tesla's Summer EV Deliveries Surge but Miss Analyst Projections

Investopedian.com Cross

Tesla's summertime electric vehicle deliveries up 27% from last year.

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Sold 435,059 vehicles in July-to-September, below analyst projections.

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Model 3 and Model Y cars dominated sales.

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Price cuts affecting profit margins.

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Q3 sales dipped compared to Q2 due to factory upgrades.

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Tesla produced 430,488 vehicles in the latest quarter. Aims to sell 1.97 million vehicles in 2023 for 50% annual growth.

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Tesla has been reducing prices to attract buyers amid increased competition. Discounts ranged from $4,400 to $20,000.

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Third-quarter earnings details to be released on Oct. 18. Tesla's stock fell 2.5% after Monday's opening bell.

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Despite profit squeeze, Tesla's stock price doubled in the year.

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Rivals GM and Ford join Tesla's charging network, boosting stock. Labor strike at other automakers may indirectly benefit Tesla.

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United Auto Workers demand higher wages and union representation.

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U.S. automakers resist wage increases to compete with Tesla and foreign firms.

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