Tesla stock falls 5% after missing revenue expectations

Tesla stock

Tesla (TSLA), a leading manufacturer of electric vehicles, released its third quarter earnings results after the bell on Wednesday.

According to the business, it continues to anticipate a 50% average annual growth rate in car deliveries for the year.

The manufacturer said that it thinks it has enough cash to keep executing its vision.

The rising cost of raw materials and inefficiencies at its Gigafactory Berlin, according to Tesla, are causing it to experience year-over-year challenges.

Tesla sales abroad are also impacted by a stronger currency, which reduces profitability.

Tesla reported that it built 365,932 vehicles in the quarter and delivered 343,830 of them prior to the release of its financial report.

In Q2, when the business was plagued by COVID-related shutdowns in China, it manufactured and delivered 258,580, a higher number than the 254,695 it did this quarter.

The business manufactured 237,823 automobiles in Q3 2021 and delivered 241,300 of them.