Toronto, Ontario — Analysts were off in their estimates in predictions for both Tesla and Rivian’s delivery numbers–but for different reasons. See the ups and downs in this weekly Tuesday Ticker.
Tesla misses targets–but still delivers
Tesla missed market estimates for its Q3 2023 deliveries, which analysts believe is due to mass production halts and shutdowns across its factories.
Shares dropped 2.4 percent in early trading Monday, following Tesla’s reveal of its Q3 delivery numbers. The OEM delivered 435,059 vehicles between July 1 and Sept. 30, 2023—down almost seven percent from Q2 2023.
Analysts had predicted anywhere between 442,000 units delivered, at the lowest, and 511,405 units at the highest.
As of 11:40 a.m. ET on Monday, shares of Tesla traded at US$252.80, up one percent from open and 133.86 percent year-to-date.
ConCURRENTly at Rivian…
Rivian, meanwhile reported better-than-expected results for its Q3 delivery numbers.
The company, which produces two EVs (the R1S and R1T), said it delivered 15,564 vehicles through the quarter. The company also builds electric delivery vans for partners like Amazon.
Rivian said it remains on track to produce 52,000 EVs in 2023.
As of 11:40 a.m. ET on Monday, shares of Rivian traded at US$24.65, up 1.5 percent from open and up 42.39 percent year-to-date.