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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

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.