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Photo: Smith Collection/Gado/Getty Images

Tesla delivered a record 97,000 vehicles last quarter but nonetheless fell short of some analysts' expectations for the July–September stretch.

Why it matters: The electric automaker's stock tumbled roughly 6% in after-hours trading following Wednesday's announcement, and is currently down around 5%.

  • CEO Elon Musk had raised expectations in an email to staff last week when he said Tesla had a shot at hitting 100,000.
  • Stepping back, Tesla is a crucial player in the movement of EVs into the mainstream.

What they're saying: "This is a credibility hit. This is a textbook example of Elon not being disciplined and having difficulty managing expectations," Gene Munster of the VC firm Loup Ventures tells Bloomberg.

But, but, but: Tesla said orders are at record levels and emphasized interest in its Model 3 sedan, which is aimed at a wider pool of buyers than the costlier Model S and Model X.

  • "As was also the case in Q2, nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand," Tesla said in a release.
  • "We are continuing to focus on increasing production to meet that demand."

One big question: Can Tesla hit its full-year goal of at least 360,000 deliveries worldwide, which would require 105,000 in Q3?

What's next: As we noted Friday, a more important moment arrives when Tesla announces Q3 earnings in coming weeks.

Go deeper: Tesla's next moment under the microscope

Go deeper

Updated 9 mins ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: Omicron fuels the case for COVID boosters — Omicron variant lifts Moderna's stock price — CDC strengthens COVID booster recommendation.
  2. Politics: Biden says fight against Omicron won't include "shutdowns or lockdowns."
  3. States: Federal court blocks Biden's vaccine mandate for health workers in 10 states — NYC urges masks indoors "at all times" regardless of vaccination status — New York declares state of emergency amid concerns over Omicron.
  4. World: Omicron adds urgency to vaccinating worldWHO warns against travel bans on southern African countries — First North American Omicron cases identified in Canada.
  5. Variant tracker: Where different strains are spreading.
Kendall Baker, author of Sports
Updated 18 mins ago - Sports

College football gone mad

Former Notre Dame coach Brian Kelly walks in front of his players. Photo: David Madison/Getty Images

In the span of two days, the head coaches of two of the biggest college football programs in America have jumped ship, wooed by even greater challenges — and the almighty dollar.

Driving the news: Lincoln Riley is ditching Oklahoma for USC in a deal reportedly worth $110 million. LSU poached Brian Kelly from Notre Dame with a reported 10-year, $100 million contract.

Media startups anxiously await BuzzFeed’s stock market debut

Illustration: Sarah Grillo/Axios

Digital media companies considering going public are watching BuzzFeed's expected stock market debut next week to see how investors will respond.

Why it matters: A slowdown in SPACs (special purpose acquisition companies) earlier this year pushed some digital media companies that were considering going public via SPAC IPOs away from the idea, such as Vice.