Tesla shares rise on Musk’s deal with regulators and Model 3 numbers

SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

Including its flagship Model S and X vehicles, Tesla produced a total of 80,142 vehicles in the quarter and delivered 83,500. That also makes the Model 3 by far the bestselling electric vehicle in the USA, outselling the Nissan Leaf and the Chevy Bolt EV by more than 10-to-1.

53,239 Model 3 vehicles, which was in line with our guidance and nearly double the volume of Q2. Following two tumultuous days, Musk has settled with the SEC, agreeing to step down as chairman for 3 years and add 2 new independent directors, with him and Tesla each paying a $20 million in penalties.

The stock's somewhat muted reaction may be a reminder of the position in which Tesla now sits-just past a trying period in which CEO Elon Musk agreed to step aside as chairman to settle an SEC lawsuit, and ahead of its third quarter financial results.

However, there are reasons for pessimism. Shares were little changed in pre-market trading. There remain significant opportunities to grow the addressable market for Model 3 by introducing leasing, standard battery and other lower-priced variants of the auto, and by starting worldwide deliveries.

Tesla first met a long-held target of 5,000 vehicles per week at the end of June after a series of production bottlenecks and delays. To address this issue, we are accelerating construction of our Shanghai factory, which we expect to be a capital efficient and rapid buildout, using many lessons learned from the Model 3 ramp in North America. The company also offered incentives including free charging and referral-program perks to entice purchases.

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What's more, the company is having problems efficiently delivering the cars it builds.

Tesla announced Tuesday that it delivered 55,843 Model 3s between July and September, confirming reports that the company's mass-market electric is the fifth bestselling vehicle model in the United States.

A network of short sellers has been tracking the number of cars on the lots and has speculated that some may be unsold inventory, because Tesla has built more high-priced Model 3s than it has orders for-while customers who have put down deposits for base, $35,000 versions have to wait.

With production stabilized, delivery and outbound vehicle logistics were our main challenges during Q3.

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