Tesla Rises After Q3 Delivery Beat
On October 2, Tesla (TSLA) shares rose by 4.65%, closing at $370.59 after the company reported third-quarter vehicle deliveries of 486,532 units, which exceeded Wall Street estimates by about 25,000 vehicles. The strong delivery numbers were driven largely by Tesla's Model 3 and Y models, accounting for nearly all of its total deliveries. The broader market also saw gains on the day, with the S&P 500 rising 0.74% to close at 7,723 and the Nasdaq Composite up 1.19%. In contrast, Tesla's competitors such as Rivian Automotive (RIVN) and Lucid Group (LCID) saw their shares decline by 3.12% and 1.43%, respectively. Investors are now looking ahead to Tesla’s October earnings report for further insight into the company’s performance. The strong delivery numbers suggest potential for robust Q3 revenue, building on a prior quarter that showed 26% year-over-year growth in sales.
Topics: Deliveries Report Electric Vehicles (EV) Market Performance Tesla