Tesla car delivery in Q3 was below estimates

Tesla said Sunday that deliveries of electric vehicles in the third quarter were less than expected, citing logistical challenges.

“Securing the ability to transport vehicles at an affordable cost has become an increasing challenge,” the largest electric car maker said, according to Reuters, but some analysts expressed concerns about the demand for expensive goods due to the weak global economy.

“The economy still … has a negative impact on Tesla, and it’s mostly logistical,” Dan Ives, an analyst at Wedbush Securities, told Reuters after the results of the deliveries were announced. But I think there are some (issues) scattered about the demand.”

“There is a dark cloud hanging over the automotive sector. And Tesla is not immune.”

Tesla delivered 343,830 cars, a record for the world’s most valuable automaker, but less than analysts had expected with 359,162 deliveries on average, according to Refinitiv. A year ago, Tesla delivered 241,300 vehicles.

Recent deliveries have been well below Tesla’s production of 36,923 vehicles, a rarity for an automaker that has seen deliveries above or similar to production in several recent fiscal quarters.

“Reducing the crazy wave of deliveries at the end of the quarter to reduce costs, accelerate and relieve pressure on the Tesla team,” Tesla CEO Elon Musk said on Sunday.

Last year, Musk said that Tesla is experiencing a “crazy wave” of deliveries at the end of each quarter because its Shanghai plant first makes cars for export to Europe and other countries in the first half of the quarter and then cars that will be sold in China.

Tesla again asked its employees to help deliver “too many vehicles to eagerly awaited (in California) customers during the final days of the third quarter,” according to an email seen by Reuters.

Tesla said it delivered 325,158 Model Y compact cars and Model Y sports cars, as well as 18,672 Model S and Model X vehicles to customers during the quarter.