Tesla’s China Deliveries Fall Short Of Expectations

Electric vehicle maker Tesla (TSLA) continues to report disappointing delivery numbers in China.

According to data from the Chinese Passenger Car Association, Tesla delivered 74,073 electric vehicles in September from its plant in Shanghai, down nearly 12% from 84,000 delivered in August, and down 11% from about 83,000 delivered a year earlier.

That number includes both cars exported from China to Europe, as well as domestic sales within the Chinese market.

To help counter the decline in deliveries, Tesla recently updated its flagship Model 3 sedan in Europe and China. An updated version of the Model 3 is expected in the U.S. by year’s end.

Tesla recently reported that it delivered 435,000 vehicles in this year’s third quarter, which was below Wall Street forecasts of 455,000 deliveries.

The company blamed the Q3 delivery miss on scheduled maintenance at its manufacturing plants that idled production for much of August.

Analysts now expect Tesla to deliver 485,000 electric vehicles in the current fourth quarter, pushing the company’s full-year total to 1.8 million units, up 40% from 2022.

Tesla’s stock has increased 16% over the last 12 months to trade at $259.67 U.S. per share.

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