Tesla’s Mixed Q3 Results, Stock Reaction, and JPMorgan’s Cautionary Outlook Amid Industry Challenges
Tesla ( TSLA ) delivered 462,890 vehicles in the third quarter of 2024, marking a 6% increase year over year. While this exceeded Wall Street’s forecast of 462,000, Tesla’s stock dropped 3.5% in Wednesday trading, closing at $249.02. The broader market remained mostly unchanged, with the S&P 500 flat and the Dow Jones Industrial Average rising by just 0.1%. Stock Reaction and Whisper Numbers The stock’s decline, despite the strong delivery numbers, was not entirely surprising. Tesla shares had surged 23% in the month leading up to the delivery report, creating high expectations. However, the actual delivery numbers fell short of the "whisper number" of 470,000, leading to the pullback in stock price. Despite the drop, Tesla has delivered 1.29 million vehicles so far in 2024, which is down 2% compared to the same period in 2023. To match last year’s total of 1.81 million vehicles, Tesla will need to deliver approximately 515,000 units in Q4, a target that will be closely w