Tesla (NASDAQ: ) Inc shares closed down 8.6% in their steepest single-day decline in four months on Monday after third-quarter vehicle deliveries fell short of Wall Street estimates due to logistic hurdles, with slowing outlook for economic growth raising doubts about demand.

The tumble wiped out more than $71 billion in market value of the world's most valuable automaker and dragged down shares of other electric-vehicle makers.

Despite record quarterly deliveries, Tesla missed market expectations, with an unusually large gap between production and deliveries as it struggled to secure enough transportation during the peak time at a reasonable cost.

"While Tesla continues to point to supply constraints as limiting deliveries, the potential for demand destruction looms large," JP Morgan analyst Ryan Brinkman said.
Meanwhile, rival Rivian Automotive Inc said on Monday it produced 7,363 vehicles in the third quarter, 67% higher than the preceding quarter, and maintained its full-year target of 25,000.
Source: Investing.com
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