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Automotive Industry
Tesla Inc on Sunday 2 October 2022 announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries.
The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.
"The economy around the edges is still having a negative impact for Tesla that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives told Reuters after the delivery results.
"There is a dark cloud over the auto sector. And Tesla is not immune."
Ford Motor said in August that inflation-related costs would be $1bn more than expected in the third quarter and that parts shortages had delayed deliveries.