Tesla Misses Q3 Delivery Targets While Rivian Exceeds Estimates Amid Factory Upgrades and Softening Demand

Tesla fell short of Q3 delivery estimates, delivering 435,059 vehicles versus expectations of 459,949, due to planned factory upgrades.
The automaker reiterated its 2023 delivery target of 1.8 million vehicles, meaning it must deliver around 450,000 vehicles in Q4 to meet guidance.
Rivian beat expectations by delivering 15,564 vehicles in Q3 as production increased to 16,304.
Both companies made production and delivery gains versus last year, but face concerns over softening demand.
Tesla and Rivian continue factory upgrades amid competition in the expanding EV market.