By Dean Seal

Shares of Tesla Inc. were down 7% to $246 in early trading Monday after the company said vehicle deliveries rebounded to a record in the latest quarter but were still below Wall Street analysts' expectations.

The carmaker said had delivered 343,830 vehicles in the quarter that ended in September, up from 255,000 in the previous quarter following a temporary shutdown at its factory in Shanghai, and 42% higher than the comparable quarter a year earlier.

Analysts surveyed by FactSet had projected around 371,000 vehicle deliveries during the quarter.

Tesla said the shortfall reflected changes made to its processes that led to an increase in cars in transit at the end of the quarter.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 03, 2022 11:08 ET (15:08 GMT)

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