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Tesla Sets Delivery Record, But Misses Expectations

Tesla Inc. (TSLA) achieved record vehicle deliveries for the third quarter, however, fell short of expectations set by Elon Musk. Shares were down 4% in late trading.

The luxury electric-car maker delivered 97,000 vehicles to customers in the third quarter, exceeding the 95,356 reported for the prior three months. Last month, Musk had told that the company had a chance to achieve the six-figure mark for the first time.

Tesla delivered 84,000 vehicles in the third quarter of 2018. The company said it achieved record net orders in third quarter and are entering fourth quarter with an increase in our order backlog.

"Nearly all of our Model 3 orders were received from customers who did not previously hold a reservation, solidifying the transition to generating strong organic demand. We are continuing to focus on increasing production to meet that demand," the company said in a statement.

The company said its delivery numbers should be viewed as "slightly conservative" as the company only counts a vehicle as sold after all paperwork has been finished.

TSLA closed Wednesday's trading at $243.13, down $1.56 or 0.64%, on the Nasdaq. The stock, however, dropped $10.01 or 4.12% in the after-hours trade.

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