Shares of Tesla fell 7% despite record car sales

The electric auto maker delivered a total of 139,300 cars in the quarter – easily clearing the previous record of 112,000 cars delivered in the last three months of 2019 before the epidemic-affected production and delivery.

Tesla’s growth also surpassed other traditional auto tomakers, most of which reported lower third-quarter sales than a year earlier.

Though Tesla (TSLA) The stock closed down 7% on Friday.

“As the street digests this eye-popping number, the stock should rise further in the coming days and weeks,” he wrote in a report, beating sales estimates of 136,350 cars on Wall Street.

“We believe that China was a major source of strength in this quarter,” Ives wrote, adding that “record car sales” should be translated nicely. [earnings] third quarter vs street for the third quarter, with a profitable route upwards. “

Despite the drop on Friday, Tesla’s shares are still up nearly 400% for the year.

Third-quarter sales figures include 15,200 of the more expensive Model S and Model X cars and 124,100 of the lower priced Model 3 sedans and Model Y SUVs.