Why Tesla (TSLA) Stock Is Trading Lower Today

Shares of electric vehicle pioneer Tesla (TSLA) fell 6.1% in the morning session after the company reported Q3 2024 electric vehicle (EV) deliveries of 462,890, below analysts’ estimates. The stock’s reaction hints at potential concerns on the demand side of its EV business. Notably, growth has been slower than expected in recent quarters, with deliveries in the first six months of 2024 down roughly 7% year on year.

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Tesla’s shares are extremely volatile and have had 93 moves greater than 2.5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Tesla is up 0.1% since the beginning of the year, and at $248.40 per share, it is trading close to its 52-week high of $263.62 from October 2023. Investors who bought $1,000 worth of Tesla’s shares 5 years ago would now be looking at an investment worth $15,325.

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