Tesla (NASDAQ:TSLA) reported lower-than-expected delivery numbers for the third quarter, attributed to factory upgrades during the summer. Following the delivery report, Tesla shares declined by more than 2% intra-day today.

In the third quarter, Tesla reported deliveries of 435,059 vehicles, falling short of Wall Street analysts’ expectations of 456,722. Model S/X deliveries were 15,985, compared to the anticipated 17,722, and Model 3/Y deliveries amounted to 419,074, below the estimated 439,362.

Regarding production, Tesla manufactured a total of 430,488 vehicles during the quarter, which was lower than the estimated 461,992. Tesla explained the sequential decline in volumes as a result of planned factory upgrades previously discussed in its earnings call. The company stated that its 2023 volume target of approximately 1.8 million vehicles remains unchanged despite these challenges.

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