Tesla beats delivery expectations for Model 3, Model S and Model X vehicles

Tesla Inc. reported third-quarter deliveries of 83,500 vehicles, including the delivery of 55,840 Model 3 vehicles that beat the FactSet consensus of 55,600 vehicles. The electric car maker also delivered 14,470 Model S vehicles, above the FactSet consensus of 12,900, and delivered 13,190 Model X vehicles to be expectations of 12,500 vehicles. The company said there were 8,048 Model 3s in transit at the end of the quarter, which will be included in fourth-quarter deliveries. The company affirmed its target of 100,000 Model S and Model X deliveries in 2018. Production rose to 80,142 vehicles, 50% more than the second-quarter's record high. Telsa said the increased deliveries were achieved despite the headwinds it faces from trade tensions with China that have resulted in an import tariff rate of 40% on Tesla vehicles compared with 15% for other cars imported into China. To address the headwinds, the Tesla said it was accelerating construction of its Shanghai facility. The stock slipped 0.6% in premarket trade, after soaring 17% the previous session after the SEC settlement with Chief Executive Elon Musk. The stock has lost 7.3% over the past three months through Monday, while the S&P 500 has gained 7.3%.

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