tesla reported this Wednesday that vehicle deliveries in the third quarter fell below estimates, after incentives and low-cost financing failed to raise demand for its older models in a highly competitive market.
Shares of the world’s most valuable automaker fell 2.5% in pre-market trading.
Increasing competition in the United States, a lack of subsidies in Europe and slowing consumption in China weighed on Tesla’s quarterly deliveries.
In July, BMW led the European electric vehicle market for the first time battery (BEV), surpassing Tesla, which has been losing market share to domestic companies, according to a report from JATO Dynamics.
Price cuts and incentives have also reduced the company’s profit margins.
Tesla electric delivered 462,890 vehicles in the three months to September 30, up 6.4% from the previous quarter. On average, Wall Street expected that the company run by Elon Musk will deliver 469,828 vehicles, according to 12 analysts surveyed by LSEG.
The company has to deliver 516,344 more vehicles in the fourth quarter to reach last year’s delivery figure of 1.81 million units.
