Since rallying to 10-month highs back in July the Tesla share price has slowly lost ground, even though it remains one of the best performing S&P500 s
tocks year to date, up over 90%. The big question now after the release of a disappointing set of Q3 numbers is whether the declines seen since July morph into an even larger correction of the rally seen since the start of the year. Tesla share price performance YTD Source: CMC Markets Earlier this month Tesla confirmed that vehicle deliveries slowed to 435,059, well below forecasts with production downtime at the Shanghai and Austin gigafactories accounting for most of the shortfall.
2% a year ago, largely due to investment in Cybertruck and AI. While total automotive revenues rose 5% the main growth area came from Tesla’s energy generation business which saw revenues rise 40% to $1.56bn, while services grew 32% to $2.16bn. This will be a key area of revenue growth as electric vehicles become more mainstream with pay per use supercharging points likely to drive profits going forward, with the company looking to ramp up its charging infrastructure.
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