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Tesla Stock Drops After Coming Up Short On Q3 Vehicle Delivery Expectations

Dave Royse

Tesla Inc (NASDAQ: TSLA) shares dropped in after-hours trading Wednesday after the electric car maker came up short on expectations for vehicle deliveries in the third quarter.

The company said it delivered a record 97,000 vehicles in the quarter. But that fell short of analysts' expectations of 99,000.

The bar may have been pushed higher in the quarter by CEO Elon Musk, who said in a recent internal email that the company had "a shot" at hitting the 100,000 mark.

Expectations also were boosted by the company's second-quarter delivery record of 95,200, which smashed delivery forecasts at the time.

Most of the vehicles Tesla put out in the quarter were its standard Model 3, which accounted for 79,600 of its deliveries, short of analysts' expectations of more than 80,000. The car maker turned out just over 17,000 Model S and X vehicles.

Tesla also said it's entering the fourth quarter with an increase in its order backlog.

Shares of Tesla were down 4.3% to $232.65 at time of publication. The stock closed the regular session at $243.13 per share.

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