The company's deliveries for the full year matched Wall Street estimates, but its figures for the fourth quarter fell short.
At the same time, Tesla said it would cut the prices of its Model S, Model X and Model 3 by about £1,590 because tax credits for electric vehicles are due to end in the US. Up until now, Tesla buyers have qualified for a $7,500 rebate, good until Tesla sold its 200,000th vehicle.
Analysts cited by Reuters speculate that Tesla's decision to cut prices is aimed at mitigating the loss of the credit and maintaining the true price tag of the vehicles, including the problematic Model 3. Actual Model 3 production averaged ~4,700 vehicles per week.
Tesla delivered 99,394 of its Model S and X vehicles in 2018, just shy of its 100,000 goal.
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Tesla has today released its delivery numbers for the final quarter of 2018, showing slightly fewer deliveries of Model 3 than what Wall Street had expected, although total deliveries increased to 90,700 which tops the company's record set in the previous quarter, Business Insider is reporting.
In Q4, we produced and delivered at the rate of almost 1,000 vehicles per day, setting new company records for both production and deliveries.
Its shares fell by about 8% at the start of USA trading. Tesla said fourth-quarter deliveries were 8 percent higher than its previous quarterly peak in the third quarter of 2018.
In a client note Wedbush analyst Daniel Ives said the price cut was "a potential positive" for demand, "but not what the bulls wanted to hear on the impact to profitability and ultimately the bottom line". If Tesla had a demand issue, therefore, the company would have cut its prices by more than 3 percent, he wrote in a note.
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In light of the news, Tesla shares tumbled 7.8 per cent in Wednesday's pre-market trading to $307.02.
Tesla has been unable to put a tough 2018 in the rear-view mirror as its shares fell after the electric carmaker missed industry forecasts for deliveries of its budget Model 3 vehicle and announced price cuts to offset lower tax incentives.
Starting Wednesday, the company will be reducing its price for Model S, Model X and Model 3 vehicles in the U.S.by $2,000, it said.
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