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Stock Track | Tesla Shares Plunge 5% as Q3 Deliveries Miss Estimates Amid Stiff EV Competition

Stock Track10-02

Tesla Inc.'s stock plummeted 5% on Monday, October 2nd, as the electric vehicle pioneer reported third-quarter deliveries that fell short of analysts' expectations, raising concerns about the company's ability to sustain growth in the face of mounting competition.

The Elon Musk-led company delivered 462,890 vehicles in the July-September quarter, an increase of 6.4% year-over-year but missing the consensus estimate of 463,900 units. The disappointing delivery numbers, which are seen as a proxy for sales, fueled investor worries about weakening demand and Tesla's ability to fend off rivals in the rapidly expanding electric vehicle market.

Tesla's delivery miss comes at a time when the EV landscape is becoming increasingly crowded, with both traditional automakers like Ford and GM as well as pure-play EV startups like Rivian and Lucid Motors vying for market share. In China, Tesla's largest market, the company is facing stiff competition from domestic players such as BYD and Nio, which have been aggressively expanding and undercutting Tesla on pricing.

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  • AlanTLK
    ·10-02
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