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Key takeaways
- Tesla missed Wall Street delivery expectations by a wide margin
- Chinese EV rival BYD has now overtaken EV deliveries from Tesla for the first time ever
- Tesla’s share price dropped as much as 2.8% during premarket trading, but recovered
Tesla, one of the world’s largest EV makers, has fallen short of delivery targets. Tesla warned us this would happen months ago, but Wall Street wasn’t expecting such a major drop, which sent the share price tumbling in premarket trading.
Even though the results put Chinese rival BYD ahead on deliveries for the first time, traders clearly didn’t think Tesla’s delivery news was too bad. The stock actually closed higher by the end of the day – perhaps that’s to do with Tesla’s ability to bounce back after a rough quarter.
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