Tesla misses estimates for third-quarter deliveries amid stiff competition

Tesla missed expectations for third-quarter deliveries on Wednesday, hurt by stiff competition from rivals in China and Europe, sending shares of the world's most valuable automaker down 3%. The electric vehicles maker handed over 462,890 vehicles in the three months to 30 September up 6.4% from the preceding quarter. Wall Street on average had expected the Elon Musk-led company to deliver 469,828 vehicles, according to 12 analysts polled by LSEG. The company has to deliver a record 516,344 vehicles in the fourth quarter to meet last year's delivery figure of 1.81m units. A shortfall could result in Tesla recording its first annual drop in deliveries.