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Tesla delivers 139.3k vehicles in Q3 2020
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Inventory continued to decline, delivery efficiency improved
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Stock trades lower in pre-market
Tesla released quarterly delivery figures today ahead of the Wall Street session open. The US electric vehicle manufacturer delivered 139 300 vehicles in the quarter, coming slightly ahead of consensus estimate of 137 000. This marks a 53.7% QoQ increase and 44% YoY increase. Tesla produced 145 036 vehicles in July-September period. The company said that its delivery efficiency continued to improve in Q3 2020 and its inventory declined. In spite of a beat in deliveries, the company is trading lower in pre-market. However, this can be ascribed to a broad stock market sell-off triggered by Trump's coronavirus news and weaker-than-expected jobs data.
Tesla (TSLA.US) approached the resistance zone at $450 yesterday. Should it fail to break above it, a near-term support lies at 38.2% retracement of August upward move, that also coincides with 50- and 200-hour moving averages ($415). Source: xStation5
