Tesla Stocks Climb as its Q3 Report Hits Vehicle Deliveries

Tesla Stocks Climb as its Q3 Report Hits Vehicle Deliveries

On Tuesday, shares of Tesla Inc. climbed as it reported impressing third-quarter vehicle deliveries.

Tesla improved 0.81% or 6.31 points to $781.53 per share after declining 0.03% to $775.22 per share last Friday. 

Accordingly, the automaker’s third-quarter delivery numbers extended 73.00% to 241,300 vehicles from the same period from last year. 

Also, it came in higher than the analysts’ expectation of 220,000 to 225,000, which is a significant winning streak for the company.

Out of the reported figures, 228,882 vehicles were mid-range cars, namely Model 3 and Model Y.

Moreover, it included 8,941 editions of Model S and Model X, the firm’s pricier best-seller sedans. 

In addition, its total delivery number for this year significantly hiked 100.00% to 627,000 vehicles compared to the 2020 data.

Tesla achieved its record-breaking figures as US regulatory tailwinds boosted its sales. 

Moreover, the business has a more efficient supply chain than its rivals which helps it cope with the global chip shortage. 

Then, its Shanghai factory also contributed to the uplift of sales because of its proximity to chip suppliers.

Remarkably, Tesla stunned the market as supply bottlenecks and chip shortages halted most vehicle productions of its rival manufacturers.

For instance, General Motors Company declined 33.00% to 446,997 vehicles this third quarter. 

Then, the largest car producer by sales soared 1.60% or 0.85 points to $53.98 per share on Tuesday trading. 

Correspondingly, Ford Motor Company dropped 27.40% to 400,793 cars. Also, its shares surged 1.34% or 0.19 points to $14.35 per share. 

Furthermore, total US car sales plummeted to 12.40 million, which is the lowest since May 2020.

Nasdaq Index Plunges as Tesla Stocks Pop

Meanwhile, the Nasdaq Composite index plunged 4.89% or 16.78 points to $326.23 per share. 

Then, the Dow Jones Industrial Average index tumbled 0.94% or 323.54 points to $34,002.92 per share. 

Similarly, the benchmark S&P 500 lost 1.30% or 56.58 points to $4,300.46 per share. 

Meanwhile, highly valued tech stocks slumped as opposed to the hike of Tesla.

Facebook Inc. pared 4.89% or 16.78 points to $326.23 per share, as it suffered from a six-hour outage on its platform.

Likewise, Twitter Inc. narrowed 5.79% or 3.59 points to $58.39 per share. 

Then, Apple Inc. curtailed 2.46% or 3.51 points to $139.14 per share.

Consequently, Alphabet A Inc. weakened 2.11% or 57.70 points to $2,673.20 per share. 

At the same time, Amazon.com diminished 2.85% or 93.48 points to $3,189.78 per share.

Furthermore, Netflix Inc. slashed 1.60% or 9.80 points to $603.35 per share.