Tesla Delivery Miss: Share Price Tumbles As Electric Automaker Misses 100,000 Vehicle Goal

Tesla’s (TSLA) stock dropped nearly 5 percent on Thursday after the company released its sales numbers for the third quarter, showing a miss on its expected vehicle deliveries. While the company reported record production and delivery numbers, it missed Wall Street’s reported expectations of 97,477 vehicle deliveries and CEO Elon Musk’s internal goal of 100,000 vehicle deliveries.

For the quarter, Tesla produced 96,155 vehicles and delivered approximately 97,000 units. Of the deliveries, 17,400 were Model S/X, and 79,600 were Model 3. Production numbers indicated that 16,318 Model S/X vehicles were produced, and 79,837 Model 3 vehicles were also produced.

Tesla’s goal of achieving 360,000 to 400,000 vehicle deliveries in 2019, means that the company must deliver near 105,000 units in Q4 to meet the forecast, Reuters reported.

Tesla did announce that it received record net orders in Q3 and is entering into the fourth quarter with an increase in its order backlog. The orders seem to have come from customers, who did not previously have a reservation for a Model 3, the company said.

Telsa also indicated that the increase in order volume points to “strong organic demand,” which it is focusing on meeting through its production.

Shares of Tesla stock were doen 4.8 percent as of 3:59 p.m. ET on Thursday.