Tesla’s stock (TSLA) surged back up and recovered from a premarket tumble as the market seems to be reassured by the reiteration of the automaker’s annual delivery goal.
As we reported this morning, Tesla released its Q3 2023 delivery and production numbers. At 435,000 deliveries, the number came below Wall Street expectations, which we thought were inappropriately high after a warning by Tesla that there would be planned factory downtimes.
The release sent Tesla’s stock down 4% in premarket. But surprisingly, the stock has fully recovered midday, and it is now up almost 1%.
The reversal is partly attributed to Tesla reiterating its annual delivery goal:
Our 2023 volume target of around 1.8 million vehicles remains unchanged.
Year to date, Tesla has delivered 1,324,074 vehicles around the globe. This means that Tesla needs to deliver around 476,000 vehicles in Q4 in order to achieve that goal.
Electrek’s Take
I feel like this is very achievable since it is only about 10,000 vehicles more than its record quarter in Q2 2023.
However, I don’t know how much this should contribute to the stock performance because I thought it was generally accepted that the goal would be achievable all year.
On the contrary, Elon had hinted at a potential for 2 million deliveries on the higher side, but that now seems to be unachievable.
As it stands right now, I think a goal of 475,000 deliveries is on the low side, and 500,000 would be nice to beat.
Either way, as someone who has been covering Tesla for a decade, I find it incredible that we are even talking about Tesla delivering around half a million vehicles in a single quarter.
FTC: We use income earning auto affiliate links. More.
