Shares of Tesla (NASDAQ: ) are down over 4% in pre-open Monday after the electric vehicle (EV) giant reported lower-than-expected Q3 deliveries.

Tesla said it managed to deliver 343,830 units in Q3, lower than the 359,162 vehicle deliveries expected, according to Refinitiv.

“Customer experience suffers when there is an end-of-quarter rush.

Steady as she goes is the right move,” Musk added on Twitter.

“Given that wait times for vehicles in China have declined to a few weeks and macroeconomic conditions have become more difficult in general, some investors may view the weaker 3Q deliveries as the beginning of a period of sustained demand weakness.

However, we believe the company remains well positioned to drive solid volumes and also margins/FCF going forward, and the vehicles in transit issue is a mitigating factor for the 3Q delivery miss,” they wrote in a client note.
Source: Investing.com
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