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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