Tesla's EV deliveries returned to growth in the third quarter.
Shares of Tesla Inc (TSLA, Financial) fell 3.40% in mid-day trading on Oct 2. The stock reached an intraday low of $241.50, before recovering slightly to $249.26, down from its previous close of $258.03.
Tesla said deliveries rose 6.4% in the July-September period to 462,890 vehicles, marking its first quarter of growth this year. But the figure fell short of estimates.
Tesla (TSLA) stock is facing downward pressure after falling short of it's highly anticipated third-quarter delivery expectations. The company reported 462,890 deliveries, slightly below the Bloomberg estimate of 463,897.
On Wednesday, most electric vehicle stocks declined. Tesla (TSLA, Financial) fell over 5.7%, closing at $243.1.
On October 2, European stock markets experienced widespread declines, with major indices like France's CAC40 and Germany's DAX falling. In the US market, all three major indices opened lower.
Tesla (TSLA) shares lost ground Wednesday morning after the electric vehicle maker reported higher deliveries than analysts anticipated for the third quarter, but investors may have had higher expectations.
Tesla has announced its first quarterly sales growth of the year, yet the electric vehicle giant still disappointed investors who had anticipated more significant support from increased subsidies for electric vehicles in China. Elon Musk's company delivered 462,890 vehicles in the third quarter, a 6.4% year-over-year increase, but slightly below analysts' expectations of approximately 463,900 vehicles.
The E.V. giant said it delivered close to 463,000 vehicles between July and September and produced nearly 470,000. Investors weren't too impressed by Tesla's (TSLA) numbers.
CNBC's Phil LeBeau joins 'Squawk on the Street' to report on Tesla's third quarter delivery numbers.
EV maker delivered 462,890 vehicles in three months to 30 September while Wall street expected on average 469,828
Tesla reported third-quarter sales on Wednesday. Shares fell in early trading following the release.