Tesla Meets Model 3 Production Targets
Tesla Inc. (TSLA) announced that it produced 80,142 vehicles in the third quarter, a new all-time high and an increase of 50% from the previous record it set in the second quarter.
Of that number, 53,239 of those vehicles were Model 3s, up from 28,578 Model 3s made in the previous quarter. The company had forecast that it would produce between 50,000 and 55,000 Model 3 cars.
The company said that it produced 5,300 Model 3 vehicles in the final week of the quarter.
Tesla delivered 83,500 total vehicles in the third quarter, including 55,840 Model 3s, 14,470 Model S and 13,190 Model Xs. Tesla said that its full-year goal of 100,000 Model X and Model S deliveries remains unchanged. Analysts were expecting the company to deliver 82,000 vehicles. Analysts polled by FactSet were expecting the company to deliver 56,000 Model 3s in the quarter.
Tesla shares were down 2% in morning trading.
Premarket
U.S. futures are falling ahead of Tuesday's opening bell as markets digest the latest international trade deal between the U.S. and its two neighbors.
Dow futures are falling 0.31%, indicating an open 82 points lower, while S&P futures fell 0.25%, indicating an open 7 points lower, and Nasdaq futures were falling 0.43%, indicating an open 33 points lower.
In Asia, the Shanghai Composite jumped 1.06%, while the Hang Seng plummeted 2.4% and the Nikkei rose 0.1%.
In Europe, the FTSE 100 fell 0.45%, the DAX dropped 0.78% and the CAC 40 fell 0.8% with about four hours left in trading.
