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Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls

By Tina Bellon and Akanksha Rana



a man standing next to a car: FILE PHOTO: Man walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai


© Reuters/SUN YILEI
FILE PHOTO: Man walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai


(Reuters) – Tesla Inc on Friday said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric carmaker, but shares fell 5.7% in pre-market trading.

The company slightly beat consensus estimates by Refinitiv for deliveries of 134,720 vehicles, but fell short of some of Wall Street’s most bullish forecasts, with analysts issuing a wide range of estimates.

While the broader market was down on Friday morning, Tesla shares were among the heaviest decliners.

Tesla delivered 124,100 Model Y and Model 3 units, slightly below Refinitiv consensus expectations of 128,000 Model 3 and Model Y vehicles combined. Some analysts had expected weaker U.S. demand for the mass-market Model 3 due to the release of the

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Tesla Shares Gain On Model 3 Price Cuts in China; Q3 Deliveries in Focus

Tesla Inc. shares powered higher Thursday following reports that the clean energy carmaker had cut prices for its Model 3 sedan in China and could be ready to publish record third quarter deliveries later this week.



a close up of a sign: Tesla Shares Gain On Model 3 Price Cuts in China; Q3 Deliveries in Focus


© TheStreet
Tesla Shares Gain On Model 3 Price Cuts in China; Q3 Deliveries in Focus

Tesla’s China website suggests that starting prices for its popular Model 3, which are now made in its Shanghai factory, have been reduced by 8% to around $36,800 each, while the longer-range version was reduced to around $40,000 each. The new models will also included cheaper lithium iron phosphate batteries, Reuters reported.

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Tesla shares were marked 2% higher in early trading Thursday to change hands at $437.87 each, a move that would trim losses since the stock’s five-for-1 split on August 31 to around 11.4%.

A report from the tech-focused ‘electrek’ news website yesterday also suggested

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model

Tesla Shares Gain On China Price Cuts;Q3 Deliveries in Focus

Tesla Inc.  (TSLA) – Get Report shares powered higher Thursday following reports that the clean energy carmaker had cut prices for its Model 3 sedan in China and could be ready to publish record third quarter deliveries later this week.

Tesla’s China website suggests that starting prices for its popular Model 3, which are now made in its Shanghai factory, have been reduced by 8% to around $36,800 each, while the longer-range version was reduced to around $40,000 each. The new models will also included cheaper lithium iron phosphate batteries, Reuters reported.

Tesla shares were marked 3% higher in pre-market trading Thursday to indicate an opening bell price of $442.20 each, a move that would trim losses since the stock’s five-for-1 split on August 31 to around 11.2%.

A report  from the tech-focused ‘electrek’ news website yesterday also suggested Tesla’s third quarter deliveries could come in at a

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