TSLA: Tesla Delivers 435K Cars in Third Quarter. Investors Uphold the Stock.

The EV giant didn’t meet Wall Street’s consensus in large part due to an underwhelming production rate.

• Tesla stock TSLA kept steady on Monday after the Elon Musk-led company posted its latest delivery figures. A total of 435,059 units were shipped to customers globally. It is a weak number compared with the 450,000 expected by Wall Street. Nevertheless, shares finished the session higher by 0.5%.
• What’s more, the stock erased a 4% pre-market decline and closed regular trading at $251.60 a share. The fairly unfazed market reaction was not entirely surprising. Tesla’s limited production capacity weighed on the delivery number more than a potential lack of demand. The carmaker produced 430,488 electric vehicles for the September quarter.
• Investors weren’t too optimistic in the first place. Tightening market conditions and interest rates at a multi-decade high have prompted buyers to refrain from big-ticket purchases. In the prior quarter, Tesla blew past expectations, delivering more than 466,000 cars to drivers.