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Tesla Inc (TSLA) is trending down this morning after reporting a sequential decline in its quarterly deliveries.

Tesla came in short of deliveries estimates in Q3

The electric vehicles behemoth delivered 435,059 vehicles in its third quarter – up roughly 27% on a year-over-year basis.

But the number came in well below 466,140 vehicles that it had delivered in the prior quarter – a weakness that Tesla Inc attributed today to “planned downtimes for factory upgrades”. Its statement also reads:

 

Our 2023 volume target of around 1.8 million remains unchanged.

Note that the Nasdaq-listed firm fell shy of Street estimates for quarterly deliveries by some 26,500 units as well. Tesla Inc is expected to earn 67 cents a share in its third quarter versus 95 cents per share a year ago.

How many vehicles did Tesla produce in Q3?

Tesla produced 430,488 vehicles in its third quarter, as per the press release on Monday. Its production number was also well ahead of last year but down more than 10% on a quarter-over-quarter basis.

The EV giant has already delivered its electric pickup truck to a handful of early customers, including PepsiCo. But it did not disclose the exact number of “Semis” it delivered or produced in Q3 on Monday.

Last month, Invezz cited a Turkish state-run news agency and reported Elon Musk – the billionaire Chief Executive of Tesla Inc to be considering Turkey for setting up the company’s next EV factory.

Tesla is scheduled to report its third quarter financial results on October 17^th.

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