[ad_1]
In May, electric-vehicle maker Tesla was removed from the S&P 500’s ESG Index. In response, CEO Elon Musk tweeted that ESG was “a scam” that had been “been weaponized by phony social justice warriors.”
Jim Watson | AFP | Getty Images
Shares of Tesla slid about 7% early Monday after the electric vehicle maker released third-quarter production and delivery numbers on Sunday that fell short of analysts’ estimates.
Tesla reported 343,000 total deliveries and 365,000 vehicles produced during the quarter, which missed analysts’ expectations of 364,660 vehicles delivered, according to estimates compiled by FactSet-owned Street Account. Deliveries are the closest approximation of sales reported by Tesla.
Total production increased from the prior quarter of 2022, when the company said it made 258,580 cars. Tesla produced 19,935 of its more expensive Model S and X vehicles, and 345,988 of its more popular Model 3 and Y vehicles during Q3, according to its report.
Tesla faced growing pains at its new factories in Germany and Texas, executive turnover and soaring commodity prices in the third quarter of 2022.
Wall Street analysts were divided over the electric vehicle maker’s report, and the sliding stock price suggests investors are worried about the delivery numbers.
A Goldman Sachs analyst maintained Tesla’s buy rating and said the company will continue to benefit from the long-term shift to electric vehicles, while a JPMorgan analyst kept an underweight rating on Tesla, saying that the earnings miss was in line with the firm’s expectations.
A Cowen analyst had a market perform rating on the company, citing the missed deliveries and production numbers.
— CNBC’s Lora Kolodny and Michael Bloom contributed to this report.
[ad_2]
Image and article originally from www.cnbc.com. Read the original article here.