Tesla Q3 Deliveries Miss Estimates, But Stock Gains More Than 30%, Erasing YTD Losses

Tesla's third-quarter vehicle deliveries fell slightly short of analyst expectations, while production increased compared to the previous quarter. The company produced more vehicles than it delivered during this period. Tesla is facing growing competition from companies like BYD, Geely, Li Auto, and Nio in China, and from Rivian and legacy automakers such as Ford and General Motors in the U.S. GM reported a 60% year-over-year increase in EV sales for the third quarter. Tesla’s stock gained over 30% in the third quarter, erasing its year-to-date loss. Shares fell 3.5% in premarket trading.