Tesla Shares Plummet as Company Misses Vehicle Delivery Estimates - Again

Adjust Comment Print

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.

Hold Sabarimala chief priest for contempt of court: Kerala’s writers and intellectuals
The Supreme Court has agreed to re-examine its decision to lift the ban, after numerous legal challenges were brought against it. Instead the state is run by a coalition of left-wing parties which have said they will enforce the court ruling.

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.

Browns' Baker Mayfield Sets Single-Season Rookie Record for Pass TDs
Brown was listed as questionable for the season finale after missing practice on Friday to undergo tests on the knee. Who knows what it was?" The brief celebration gesture appeared to show Mayfield pretending to "expose his privates".

In light of the news, Tesla shares tumbled 7.8 per cent in Wednesday's pre-market trading to $307.02.

Nevertheless, Baird analyst Ben Kallo noted in a recent report that demand for the Model 3 would likely be strong, particularly as deliveries to other countries are expected to begin this 2019.

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.

Trump will bring troops home from Syria 'slowly'
We will work closely together to make sure we get this right. "Just doing what I said I was going to do!" the president said. Bolton's spokesman, Garrett Marquis, said in a statement Monday that Bolton will be joined in Turkey by Gen.

Comments