Tesla released its third-quarter vehicle production and delivery report on Wednesday. The stock fell as much as 3.7% Monday morning following the report.

Here are the most important numbers:

Total deliveries Q3 2024: 462,890

Total production Q3 2024: 469,796

Analysts expected deliveries of 463,310 for the period ending September 30, according to estimates from FactSet StreetAccount.

Deliveries are not defined in Tesla’s financial disclosures, but represent the closest approximation of the company’s reported units sold. It is one of the most closely watched metrics on Wall Street.

In the same period last year, Tesla reported 435,059 deliveries and the production of 430,488 electric vehicles. In the most recent quarter, the company reported 443,956 deliveries and production of 410,831 vehicles.

Tesla faces increasing competitive pressure, particularly in China, from companies like BYD and Geely, as well as a new generation of automakers including Li Auto and Nio.

In the USA, electric car competitors like Rivian mature, while old car manufacturers ford And General Motors are selling more electric vehicles after rolling back more ambitious electrification targets.

GM this week reported a roughly 60% increase in electric vehicle sales in the third quarter compared to a year ago. Still, its electric business is tiny compared to Tesla’s: it sold just 32,100 units in the most recent period, accounting for 4.9% of the company’s total sales.

Ford plans to announce the results on Wednesday.

Tesla hasn’t provided specific forecasts for deliveries in 2024, but executives have said they expect a slower delivery growth rate this year than last year, even though the company added a new vehicle, the angular stainless steel Cybertruck, to its lineup .

The company also said Wednesday that it deployed 6.9 GWh of energy storage products in the quarter.

Tesla shares rose 32% in the third quarter, erasing its annual loss. The stock is now up nearly 4% in 2024, trailing the Nasdaq, which has gained 19%.

The Tesla brand is under pressure in the US, in part due to the antics of CEO Elon Musk, who not only supported former President Donald Trump but also spread what the White House described as “racist hatred” as well as false claims about Immigrants and election fraud on X, his social media app.

But Tesla still sells more battery-electric vehicles in the U.S. than any other automaker, with Hyundai a distant second.

Investors will be particularly focused on profit margins in its third-quarter earnings report later this month.

Tesla has continued to offer attractive financing options and a range of incentives to increase sales volume in both China and the US in recent months. Ahead of the earnings release, Tesla will host a marketing event on October 10 where it is expected to demonstrate the design of a “dedicated robotaxi.”

Musk has promised Tesla self-driving cars for years, but the company hasn’t delivered so far. Meanwhile, competitors such as Waymo and Pony.ai have begun offering commercial robotaxi services.