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Tesla misses Q3 delivery expectations amid tough competitio

Growing consumer interest in hybrids rather than EVs, a lack of European subsidies and strong competition in China have served to depress Tesla's deliveries as Chinese automakers such as BYD and Xpeng aggressively expand their presence in the world's largest auto market, receiving subsidies from local governments. Tesla delivered fewer cars in the third quarter of this year than analysts had expected as fierce competition in China and Europe hit demand for its aging models, leaving the electric car maker at risk of cutting its annual deliveries for the first time in its history. Tesla reported deliveries rose 6.4% to 462,890 vehicles in the July-September quarter, marking its first quarterly growth this year. However, the figure fell short of analysts' expectations. The lowered expectations may reflect difficulty in meeting overall 2024 delivery targets and the prospects for sustained growth beyond the current lineup.