Tesla Motors (TSLA Quick QuoteTSLA - Free Report) reported record deliveries for the third quarter. The company produced 145,036 (128,044 Model 3 and Y, and 16,992 Model S and X) vehicles and delivered 139.300 (124,100 Model 3 and Y, and 15,200 Model S and X) vehicles.

The deliveries jumped 54% from Q3 and topped the previous record of 112,000 set in the fourth quarter of 2019 while production increased 76% compared with Q2. Robust performance came on the back of higher demand for its mass-produced Model 3 sedans.

For the full year, the electric carmaker expects to deliver about 500,000 vehicles, up 36% from last year. However, to meet this guidance, the company has to deliver a blowout Q4 quarter with 181,650 deliveries given that 318.350 cars have been delivered this year.

The shares of Tesla tumbled 7.4% at the close of Oct 2, despite the strong delivery numbers. The beaten-down price might compel investors to buy on the dip given the stock’s still solid fundamentals.

Solid Fundamentals

The company’s hottest run saw a pause in September after the stock shed about 14% on the heels of dissipating stock-split excitement and failure to make to the inclusion in the S&P 500 index. Additionally, Battery Day disappointed investors as it failed to live up to the Wall Street hype (read: Tesla's 'Battery Day': Pain or Gain for ETFs Over Long Term?).

With the last month’s slide, the stock is up about 400% in the year-to-date timeframe. Although Tesla belongs to an unfavorable Zacks industry (placed at the bottom 29% of 250+ industries), it currently has a Zacks Rank #3 (Hold) and a VGM Score of B.

The luxury carmaker has seen rising earnings estimate revisions of 20 cents for this year over the past 30 days. The Zacks Consensus Estimate of $1.96 represents substantial year-over-year growth from 3 cents reported a year ago. Revenues are expected to grow 20.2%.

ETFs in Focus

Investors seeking to tap Tesla’s dip should consider ETFs having double-digit allocation to this luxury carmaker. We highlight seven of them in detail below.

First Trust NASDAQ Global Auto ETF (CARZ Quick QuoteCARZ - Free Report)

This fund offers a pure-play global exposure to 34 auto stocks by tracking the NASDAQ OMX Global Auto Index. Tesla is the top firm accounting for 16.8% share. CARZ has a lower level of $28.9 million in AUM and charges 70 bps in fees per year. The product trades in average daily volume of 11,000 shares and has a Zacks ETF Rank #3 (Hold) with a High risk outlook (read: Beyond Clean Energy, 5 Best Global ETF Areas of Q3).

iShares U.S. Consumer Goods ETF (IYK Quick QuoteIYK - Free Report)

This ETF offers exposure to U.S. companies that produce a wide range of consumer goods, including food, automobiles, and household goods by tracking the Dow Jones U.S. Consumer Goods Index. It holds about 96 stocks in its basket with Tesla occupying the second position at 11.6% allocation. The fund has amassed $605.4 million in its asset base while trades in a volume of about 40,000 shares. It charges 43 bps in annual fees and has a Zacks ETF Rank #3 with a Medium risk outlook.

SPDR NYSE Technology ETF (XNTK Quick QuoteXNTK - Free Report)

This product provides exposure to purely electronics-based technology companies by tracking the NYSE Technology Index. It holds 35 stocks in its basket with Tesla taking the top spot with 11.6% share. The ETF has amassed $497.9 million and charges 35 bps in annual fees. It trades in average daily volume of 27,000 shares and has a Zacks ETF Rank #2 (Buy).

Franklin Intelligent Machines ETF (IQM Quick QuoteIQM - Free Report)

This ETF provides access to companies developing technologies that support machine learning as well as those using automated processes. It holds 62 stocks in its basket with Tesla making up for the top firm at 10.8% of assets. The product has accumulated $3.4 million in its asset base since its debut in late February and charges 50 bps in annual fees. It trades in light volume of 2,000 shares a day on average.

ARK Autonomous Technology & Robotics ETF (ARKQ Quick QuoteARKQ - Free Report)

This is an actively managed ETF seeking long-term capital appreciation by investing in companies that benefit from the development of new products or services as well as technological improvement and advancements in scientific research related to energy, automation and manufacturing, materials and transportation. This approach results in a basket of 39 stocks, with TSLA occupying the top spot with 10.6% share. The product has accumulated $632.3 million in its asset base and charges 75 bps in fees per year. It trades in volume of 232,000 shares a day on average.

ARK Next Generation Internet ETF (ARKW Quick QuoteARKW - Free Report)

This is an actively managed fund focusing on companies that are expected to benefit from the shift in technology infrastructure to the cloud, enabling mobile, new and local services. The fund holds 49 stocks in its basket with Tesla occupying the top position at 10.5%. The ETF has amassed $2.4 billion in its asset base and charges 76 bps in annual fees. It trades in average daily volume of 728,000 shares (read: 5 Tech ETFs Driving the Market Rally This Year).

MicroSectors FANG+ ETN (FNGS Quick QuoteFNGS - Free Report)

This ETN is linked to the performance of the NYSE FANG+ Index, which is an equal-dollar weighted index, designed to provide exposure to a group of highly traded growth stocks of next-generation technology and tech-enabled companies. It holds 10 equal-weighted stocks in its basket with Tesla accounting for 10% share. The product has accumulated $56 million in its asset base and charges 58 bps in annual fees. It has a Zacks ETF Rank #3 (read: 4 Best S&P 500 Sectors of Q3 and Their Top ETFs).

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