Tesla posted its third-quarter vehicle production and deliveries report on Wednesday. The stock fell as much as 3.7% after the report.

Here are the key numbers:

Total deliveries Q3 2024: 462,890

Total production Q3 2024: 469,796

Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount.

Based on some other estimates, Tesla missed by even more. According to LSEG, analysts on average were expecting deliveries of 469,828 vehicles. An independent researcher widely followed by Tesla fans who publishes as “Troy Teslike” predicted the EV maker would report deliveries of 472,000 in the quarter.

Tesla also sends its own company-compiled consensus to select investors and influencers. In its most recent survey of 30 analysts’ estimates, Tesla had said analysts were expecting 461,978 deliveries, which would suggest a beat.

Deliveries are not defined in Tesla’s financial disclosures, but are the closest approximation to units sold reported by the company. It’s one of the most closely watched metrics on Wall Street.

In the year-ago period, Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles.

Tesla is facing increased competitive pressure, especially in China, from companies like BYD and Geely, along with a new generation of automakers, including Li Auto and Nio.

In the U.S., EV competitors like Rivian are maturing, while legacy automakers Ford and General Motors are selling more electric vehicles after walking back more ambitious goals for electrification.

On Wednesday, Ford reported sales of 23,509 EVs in the third quarter, marking a 12% increase from the prior year.

GM this week reported a roughly 60% increase in EV sales for the third quarter from a year earlier. Still, its electric business is tiny compared with Tesla’s, with just 32,100 units sold in the latest period, accounting for 4.9% of the company’s total sales.

Tesla hasn’t issued specific guidance for 2024 deliveries, but executives have said they expect a lower delivery growth rate this year versus last despite the company having added a new vehicle, the angular stainless steel Cybertruck, to its lineup.

The company also said on Wednesday that it deployed 6.9 GWh of energy storage products in the quarter.

Shares of Tesla climbed 32% in the third quarter, erasing their loss for the year in the process. The stock is now up almost 4% in 2024, trailing the Nasdaq, which has gained 19%.

Tesla’s brand has been under pressure in the U.S. due in part to the antics of CEO Elon Musk, who, in addition to endorsing former President Donald Trump, has shared what the White House called “racist hate,” and false claims about immigrants and election fraud on X, his social media app.

But Tesla still sells more battery electric vehicles in the U.S. than any other automaker, with Hyundai a distant second.

In its third-quarter earnings report later this month, investors will be particularly focused on profit margins.

Tesla has continued to offer attractive financing options and an array of incentives to drive sales volume in recent months in China as well as in the U.S. Prior to earnings, Tesla will host a marketing event on Oct. 10, and is expected to show off the design of a “dedicated robotaxi.”

Musk has promised Tesla self-driving cars for years, but the company has yet to deliver. Meanwhile competitors like Waymo and Pony.ai have begun operating commercial robotaxi services.

Correction: This story has been updated to correct the day of the stock move.