Tesla (NASDAQ:TSLA) has reported its third-quarter deliveries, which came in below the average analyst estimate.
Shares are down 3.8% in early Monday trade.
Total deliveries for the quarter were 435,059 vehicles, while the consensus was looking for 456,722.
Model S/X deliveries were 15,985, compared to an estimate of 17,722, and Model 3/Y deliveries were 419,074, falling short of the estimated 439,362.
On the production side, Tesla manufactured a total of 430,488 vehicles during the quarter, below the estimate of 461,992.
Model S/X production was 13,688, compared to an estimate of 18,492, and Model 3/Y production was 416,800, falling short of the estimated 454,060.
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged,” Tesla said in an update.