Tesla sees predicted vehicle production, delivery drop in third quarter

Oct. 2 (UPI) -- Tesla's vehicle production declined in the third quarter, according to the company's production numbers released Monday morning.

The Texas-based company produced 430,488 EVs during the quarter, with 435,059 deliveries during the same period. The drop was not unexpected as the electric vehicle maker dealt with planned shutdowns to its production line.

"A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged," the company said in a statement on its website.

Wall Street analysts were predicting quarterly deliveries to come in between 455,000 and 461,640 vehicles.

Tesla's Model 3 and Model Y sedans accounted for a majority of production and deliveries.

Those figures are down from the 466,140 total deliveries and total vehicle production of 479,700 in the previous quarter.

Tesla in April reduced prices on both of Model 3 and Model Y while at the same time increasing the price tags for its more expensive Model X and Model S vehicles.

Tesla will release its latest quarterly financial results after market close during a call with investors on Oct. 18. Executives will also field questions at that time.

The company's shares fell to start the trading day but 0.8% midday.