Business News from Sri Lanka: Electric-car maker Tesla delivered a record 97,000 vehicles globally during the third quarter, an impressive milestone that still fell short of investor expectations and set a tough hurdle for CEO Elon Musk to meet his year-end goals. The company’s stock tumbled by more than 3% in after-hours trading on the news Wednesday.
The company bested its last delivery record of 95,200 electric vehicles set during the second quarter and just missed Wall Street’s expectations of 99,000 deliveries during the three months ended Monday, according to average estimates compiled by FactSet.
Tesla’s deliveries are a closely watched number in the industry, providing the closest proximation to sales. It tracks vehicles that have been sold and physically delivered to customers. The number is a barometer for how the company is performing ahead of releasing its quarterly earnings.
Tesla said it delivered 79,600 Model 3 cars and 17,400 Model S and X vehicles during the third quarter. That compares with 55,840 Model 3s and 27,660 Model S and X vehicles in the third quarter of 2018. Deliveries of the more expensive and aging Model S and X vehicles accounted for 18% of deliveries in the third quarter, about the same as the previous quarter but a sharp decline from the 33% they represented a year ago.
Tesla produced 96,155 vehicles in the third quarter, including nearly 79,900 Model 3s, which accounted for 83% of the company’s production in the third quarter.