A slew of electric vehicle makers recently posted delivery numbers, and Elon Musk’s Tesla Inc (NASDAQ:TSLA) lagged behind Rivian and others relative to expectations.
Tesla Inc (NASDAQ:TSLA) told investors it produced 430,488 vehicles in the quarter, delivering 435,059 units — that marked deliveries around 30% stronger than this time last year but came up short of the 461,000 expected by the market.
The miss comes even as the Street consensus had already been reducing in recent weeks as the market factored in a more challenging market environment, especially in China, where demand has become tighter and competition from cheaper rivals is on the up.
Shares of Tesla gained 0.6% Monday afternoon at $251.60.
Rivian Automotive Inc (NASDAQ:RIVN), meanwhile, more than doubled its third-quarter deliveries and told investors it is on track to meet its previous production guidance of 52,000 vehicles a year.
The California-based company reported a 136% rise in deliveries to 15,564 units, beating FactSet estimates of 14,000.
In August, Rivian raised its full-year production target, which was previously set at 50,000, following the release of its second-quarter results.
Rivian stock fell 2.6% to $23.66.
In China, EV makers Li Auto, NIO Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV) have announced their August delivery numbers, each showing enough to keep pace with quarterly guidance.
Li Auto led the way with 34,914 deliveries in August, which is above the 33,333 to 34,333 monthly forecast based on third-quarter guidance. The company delivered 800 more cars in August.
Notably, Li Auto’s cars are not purely electric, coming equipped with a fuel tank to extend their range.
Nio delivered 19,329 vehicles, 1,000 fewer than July but above the monthly forecast range of 18,300 to 19,000.
Xpeng brought up the rear with 13,690 deliveries last month, up from roughly 11,000 deliveries in July.
Xpeng remained far behind, with 13,690 electric car deliveries in August, up from about 11,000 cars the prior month and just above the forecasted monthly range of 13,000 to 13,667.
About half of Xpeng’s August deliveries were its new G6 coupe SUV, which it launched in June. So far, cumulative deliveries of the G6 are more than 11,000 units.
Shares of Li Auto and Xpeng each fell 1.3%, while Nio stock sank 2.7%.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel