Tesla delivered fewer Model3s than expected in the fourth quarter. At 63,150, Model 3 deliveries fell shy of FactSet estimates of 64,900 for the quarter. Tesla stock price fell -9% on the news.
At 90,700 vehicles, total deliveries of Tesla vehicles fell a bit short of Wall Street’s delivery estimates, but was higher than the previous quarter’s figure. Tesla also announced that it is slashing prices by $2,000 for Model S, Model X and Model 3 each – a move that is apparently a response to the reduction in federal tax credit.
Total production of Tesla vehicles increased +8% to 86,555 vehicles. The company produced 61,394 Model 3s - up from 53,239 Model 3s in the third quarter.
Tesla is apparently under pressure to ramp up production and hold its own against rivals in the electric vehicle space.