Tesla falls short of delivery targets in third quarter as competition intensifies

Tesla's third-quarter vehicle deliveries fell short of analyst expectations, reaching 462,890 units, compared to the anticipated 469,828. This marks a 6.4% increase from the previous quarter but highlights challenges from competition and changing consumer preferences. The company faces strong competition in China and Europe, with local automakers like BYD and Xpeng gaining market share. Tesla's stock dropped over 6% following the news, raising concerns about its ability to meet annual delivery targets. To maintain its 2023 delivery levels of 1.81 million vehicles, Tesla needs to deliver a record 516,344 vehicles in the fourth quarter. The company is set to unveil its robotaxi product on October 10, aiming to shift its strategy towards AI-powered technologies.