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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

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

How the tech stock selloff is hurting average Americans

Expand chart
Data: FactSet; Chart: Axios Visuals

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

2 hours ago - World

UN rights chief: At least 54 killed, 1,700 detained since Myanmar coup

A Feb. 7 protest in Yangon, Myanmar. Photo: Getty Images/Getty Images

Police and military officers in Myanmar have killed at least 54 people during anti-coup protests, while "arbitrarily" detaining over 1,700 people, United Nations Human Rights Commissioner Michelle Bachelet said Thursday.

Why it matters: Protesters have demonstrating across Myanmar for nearly a month, demanding the restoration of democracy after the country's military leaders overthrew its democratically elected government on Feb. 1.

3 hours ago - Health

The danger of a fourth wave

Expand chart
Data: The COVID Tracking Project, state health departments; Note: Anomalous Arkansas case data from Feb. 28 was not included in the calculated change; Map: Andrew Witherspoon/Axios

The U.S. may be on the verge of another surge in coronavirus cases, despite weeks of good news.

The big picture: Nationwide, progress against the virus has stalled. And some states are ditching their most important public safety measures even as their outbreaks are getting worse.