Tesla (TSLA) reported third-quarter deliveries on Wednesday that fell short of expectations, sending the stock down more than 5% in early trading.

The electric vehicle maker delivered 462,890 vehicles in the three months ended September 30, up 6.4% from the previous quarter but less than the 466,000 electric vehicles the company delivered in the same period last year.

According to Bloomberg, Wall Street had expected Tesla to be closer to 463,897.

The Model 3 and Model Y represented the majority of Tesla’s total offering, with these two vehicles combining for 439,975 deliveries.

Ahead of the release of delivery figures, Tesla shares had risen around 20% over the past month, driven by optimism about the upcoming Robotaxi event on October 10 and good news from China that suggests increasing sales there.

But investors are also debating a “significantly lower” annual vehicle growth rate, which Tesla warned about after the first quarter.

The company is currently facing strong competition in China from Chinese car manufacturers such as BYD and Xpeng. Recent price cuts have also reduced profit margins due to increasing competition.

Analysts said next week’s Robotaxi event will be a pivotal moment for the company’s future and its plans to further leverage artificial intelligence.

“We believe Robotaxi Day will be a groundbreaking and historic day for Musk and Tesla, marking a new chapter of growth around the future of autonomous vehicles, FSD and AI at Tesla,” wrote Wedbush analyst Dan Ives on Tuesday a message to customers.

Tesla will report third quarter results on October 23rd.

Alexandra is a senior reporter at Yahoo Finance. Follow her on X @alliecanal8193 and send her an email at [email protected]

Pras Subramanian is a reporter for Yahoo Finance. You can keep following him Twitter and further Instagram.

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