Yahoo Finance’s Jared Blikre breaks down how markets opened on Monday.
The catalyst that sent the electric vehicle (EV) maker plunging was quarterly vehicle deliveries that fell short of expectations. In a press release that dropped Sunday, Tesla revealed its third-quarter production and delivery numbers, and while the growth was robust, investors wanted more. In its press release, Tesla addressed the issue, saying, "Historically, our delivery volumes have skewed toward the end of each quarter ... [but] as our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity."
(Bloomberg) -- Tesla Inc.’s shares dropped the most in three months after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles that were on their way to customers as the quarter came to a close.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsTesla Falls Most Since June as Quarterly Deliveries DisappointCredit Suisse Market Turmoil Deepens After Memo BackfiresStocks Stage Oversold Comeback as ISM Sinks Yi