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Tesla shares remain in reverse after latest delivery numbers disappointed

Tesla said it delivered about 97,000 vehicles in the third quarter, including 79,600 Model 3s, below the analyst consensus forecast for 99,000

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Tesla delivered 84,000 vehicles in the third quarter of 2018, including about 56,000 Model 3s

Tesla Inc. (NASDAQ:TSLA) saw its shares fall further on Thursday, extending an after-hours decline on Wednesday when the electric vehicles maker saw its latest delivery numbers disappoint the market.

In afternoon trading on Thursday, Tesla shares were 5% lower at $230.92.

In a statement released after Wednesday's New York close, Tesla said it delivered about 97,000 vehicles in the third quarter, including 79,600 Model 3 sedans, below the analyst consensus forecast for about 99,000 vehicles, including 80,200 Model 3s.

The company delivered 84,000 vehicles in the third quarter of 2018, including about 56,000 Model 3s.

READ: Rivian catapults to Tesla's line of sight after massive electric vehicle order from Amazon

Tesla said it achieved “record” net orders in the third quarter, and added that it is seeing an increase in its order backlog in the current quarter.

“We are continuing to focus on increasing production to meet that demand,” it added.

Tesla reports delivery and production numbers quarterly, but does not break the numbers down by region or other factors.

In a note on the delivery numbers, analysts at Cowen repeated an Underperform rating and $140.00 price target on Tesla shares, saying the electric vehicle maker's year-on-year “growth story" has likely ended.

 -- Adds analyst comment, updates share price --

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Price: 256.95 USD

NASDAQ:TSLA
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