Electric Vehicle maker Tesla issued its third quarter earnings results after the close on Wednesday, revealing it missed analyst expectations on revenue but came in slightly above estimates on earnings.

Third quarter revenues were $21.45 billion compared to the expectation of $22.09 billion. Earnings per share came in at $1.05, compared to a $1.01 estimate.

After the report came out, shares fell about 5%.

The company noted it still has enough liquidity to continue to follow its expansion plan, and is still expecting to see a 50% annual growth rate for vehicle deliveries this year.

The company noted it’s year over year parameters are still running into headwinds due to high costs for raw materials as well as inefficiencies at the Berlin Gigafactory. It also noted overseas sales were being impacted by the strength of the dollar, which was reducing profitability.

Before the earnings report had come out, Tesla announced it had produced 365,932 vehicles over the quarter and it had delivered 343,830 vehicles. That was a significant improvement from the second quarter’s 258,580 produced and 254,695 delivered, back when the company was being hobbled by Covid-related shutdowns in China and shortages of equipment due to shipping issues.

It was also an increase over the previous year. In the third quarter of 2021 the company had produced 237,823 vehicles, and delivered 241,300.

The company predicted it will be delivering its new Semis to Pepsi starting in December, and after increasing its Model Y production, it will begin turning out its Cybertruck next year.