11:08 AM EDT, 10/02/2024 (MT Newswires) -- Tesla (TSLA) posted sequential and annual gains in third-quarter deliveries on Wednesday, though the electric vehicle maker's shares declined intraday as Wall Street's whisper numbers had indicated a stronger print.

Tesla delivered 462,890 vehicles in the September quarter. That marked increases from 435,059 deliveries in the same period a year ago and from 443,956 units it delivered in the second quarter.

Whisper numbers ranged from 465,000 to 470,000 vehicles, according to Wedbush Securities, which put the Street's consensus at 463,300 units. DA Davidson said the market was looking at more than 483,000 deliveries. The consensus among analysts on Visible Alpha was for 460,900 deliveries.

Shares of Tesla fell 4.4% in Wednesday trade.

While the print can be characterized "as good and a step in the right direction," Wedbush and the Street were hoping for upside to that number in the range of 3,000 to 5,000 vehicles, a group of analysts at the brokerage including Daniel Ives said in a note.

"We will see some pressure on shares this morning as investors walk away from delivery numbers expecting more," Ives said. Wedbush reiterated an outperform rating and a $300 price target on the stock, calling the quarter's deliveries a "clear improvement" from the first half of 2024.

Tesla's third-quarter production climbed to 469,796 vehicles from 430,488 units the year earlier and 410,831 in the June quarter. The Visible Alpha forecast was for 449,200 units.

"We believe China showed relative strength this quarter but was offset by weakness in the US and Europe," Ives said. The company remains on track to hit the "key and important bogey" of 1.8 million deliveries this year, he said.

Among Chinese competitors, Li Auto ( LI ) previously reported a roughly 45% year-over-year increase in third-quarter deliveries at 152,831 vehicles, while Nio's (NIO) third-quarter tally climbed about 12% annually to 61,855 vehicles, which it called a new quarterly record. XPeng ( XPEV ) said deliveries were up 16% from the same quarter of 2023 at 46,533 units.

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