Ford, Tesla Q3 car sales point to mixed demand

NEW YORK - Ford and Tesla released middling third-quarter sales, concluding a round of industry figures that suggest unspectacular vehicle demand as inventories recover.

Tesla worldwide deliveries came in at 462,890, up 6.3 percent from the year-ago figure in data that largely conformed to analyst expectations.

Tesla's report marks "a step in the right direction but clearly we and the Street were hoping for 3k-5k upside to this number," said a note from Wedbush, alluding to Tesla's four percent share price drop following the data.

"We will see some pressure on shares this morning as investors walk away from delivery numbers expecting more," Wedbush said.

Meanwhile, Ford reported that US sales for the third quarter were 504,039, up 0.7 percent from the year-ago period.

The Detroit auto-giant's sales benefited from a rise in demand for hybrid vehicles, with sales rising 38 percent to 48,101.

"Different lifestyles and use cases require unique types of power," said Andrew Frick, president, Ford Blue and Ford Customer Service Division. "We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."

Last week, Cox Automotive projected a 2.1 percent drop in third-quarter US sales in the wake of affordability challenges, with the benefit of lower Federal Reserve interest rates not yet flowing through to the car loan market.