Tesla Shares Plummet as Company Misses Vehicle Delivery Estimates - Again

3 car is displayed during a media preview at the Auto China 2018 motor show in Beijing

Shares of electric auto and solar panel maker Tesla Inc. tumbled Wednesday, Jan. 2, 2019, morning after the company cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates. This move is in response to the fact that Tesla customers can no longer claim the full $7,500 federal tax credit on a new EV purchase as of January 1, 2019.

Tesla shares have fallen after the electric carmaker revealed that it missed expectations for deliveries and will be cutting its vehicle prices by $2,000 in the US. The Model 3 might be the most affordable option, but its $35,000 still puts it slightly out of reach for the masses. Tesla also claimed to have boosted their production levels in the fourth quarter significantly, from 80,142 in the third quarter to 86,500 in the fourth. In total, Tesla produced 61,394 of its Model 3, 25,161 of its Model S and 14,050 of its Model X. Its deliveries also increased by 8 per cent, the company said. That goal was announced in May of 2016 based on advance orders for the Model 3.

Tesla delivered 90,700 vehicles during the fourth quarter, a new all-time high, closing the year with a total of 245,240 deliveries compared to 102,807 in 2017.

Suspect arrested over shooting death of Fiji-born California police officer
Two Honor Guard Viewings will be held on Friday, Jan. 4 at the Newman Community Meeting Room and the Salas Brothers Funeral Home. That suggests law enforcement could have apprehended Perez Arriaga previously, de Leon said.

Ross Gerber, the president and CEO of Gerber Kawasaki, said Tesla's latest figures prove that its production line is consistent with high quality, but that the stock is down because of the price cut, which was unexpected.

Tesla's 2018 deliveries included nearly 146,000 Model 3 lower-priced cars and another 99,000 of the Model S sedan and Model X SUV, both of which can easily top $100,000.

Musk has strived to stabilize the production of the troubled Model 3, in order to secure an easier cash influx and long-term financial stability for the company. The vehicle has been delivered only to North American customers and in its mid to higher priced configurations.

Easy work for Mayweather in $9m Japan exhibition
Last year, he knocked out mixed martial arts fighter Conor McGregor in the 10th round of a super-hyped boxing match. Speaking afterwards, Mayweather said: "It was all about entertainment".

At current delivery rates, Tesla's reductions would cost it more than £550million in 2019, he said. "We continue to believe Model 3 demand remains strong, particularly as the company has not begun worldwide shipments or introduced leasing options, and are buyers on any weakness", Kallo wrote.

Tesla's 2018 production fell far short of a goal set almost three years ago of manufacturing 500,000 vehicles for the year.

Citi cuts Q1 iPhone production estimates on weak demand
The investment will create up to 25,000 jobs in the country and reduce Foxconn's (and Apple's) manufacturing presence in China. According to a Reuters report , Apple will start assembling it's iPhones in India via the local unit of Foxconn.

Related news:

Hot News

isis-killer-beheading-video-story-top Ultima Thule is first contact binary to be explored by a spacecraft
Jan 03, 2019 - 07:26
While Earth anxiously sucks in a deep breath of anticipation, scientists have finally determined the color of Ultima Thule. That color can be explained by irradiation of ices on its surface, said Carly Howett of the Southwest Research Institute.

isis-killer-beheading-video-story-top Australia v India, fourth test, day one
Jan 03, 2019 - 07:15
If Finch is left out, Usman Khawaja will open with Marcus Harris, and Labuschagne slotting in the middle-order. Steve Waugh's teenage son could feature for Australia in the fourth Test at the SCG.

isis-killer-beheading-video-story-top Live Updates On The New Horizons Flyby Of Ultima Thule
Jan 03, 2019 - 07:13
A blurry image taken by New Horizons on its approach on Monday was shown during the news conference. Ultima Thule measures approximately 30 km in diameter, and is irregularly shaped.

isis-killer-beheading-video-story-top Xi Jinping Says Taiwan's Unification With China Is 'Inevitable'
Jan 03, 2019 - 05:20
While Taiwan is self-governed and de-facto independent, it has never formally declared independence from the mainland. Instead, unification was "an inevitable requirement for the great rejuvenation of the Chinese people", he argued.

isis-killer-beheading-video-story-top Hopman Cup: Federer’s Swiss roll Serena in battle for the ages
Jan 01, 2019 - 18:20
Earlier this month, speaking in an interview with Teen Vogue , Serena said she simply "doesn't know" how she makes things work. The Hopman Cup comprises two singles and a mixed doubles match between nations in a round-robin format with two groups of four.

isis-killer-beheading-video-story-top Sarri happy after 'difficult' Crystal Palace win
Jan 01, 2019 - 16:58
He added: "I don't know the details and I wouldn't want to go into the details because I have not been doing the deal". Better in the second half, I think, because in the first half we did everything very well but too slowly.

isis-killer-beheading-video-story-top Australia v India: Boxing Day Test, day four
Jan 01, 2019 - 16:57
They grind you down and force you to make a mistake. "We are all but ready for the final Test match", he added. India batted really well and kept us out there for two days.

isis-killer-beheading-video-story-top Kim Jong-un warns of change in direction on denuclearisation
Jan 01, 2019 - 16:50
Secretary of State Mike Pompeo and senior North Korean officials after the North canceled it at the last minute in November. TV screens show US President Donald Trump, right, meeting with North Korean leader Kim Jong Un in Singapore.

isis-killer-beheading-video-story-top NASA Makes Space History With Distant Fly-By
Jan 01, 2019 - 16:44
On the left, Ultima Thule is imaged by New Horizons at the start of December 2018, from a distance of 38.7 million kilometres. He asked if I could come up with a theme for Ultima Thule which could be played as the NH probe reached this new destination.

isis-killer-beheading-video-story-top Lonzo Ball calls for unity after Lakers' ugly collapse without LeBron James
Dec 31, 2018 - 20:20
Fortunately for the Clippers , James isn't the only Laker out with an injury. "I love it", Harrell said of hearing the boos. We're fans of the game. "We put the bulldogs on the floor, and the fight was wonderful ", Clippers coach Doc Rivers said.

isis-killer-beheading-video-story-top Liverpool defender Van Dijk: I was protecting Salah from Sokratis
Dec 31, 2018 - 20:17
It leaves the Reds seven points clear at the top of the Premier League table with Arsenal in fifth. That's what I definitely do", he added.

isis-killer-beheading-video-story-top Warren sets up group to explore bid for USA presidency
Dec 31, 2018 - 19:12
Warren's possible strength in what will be a crowded contest includes her track record of speaking to economic concerns. Bernie Sanders , a Vermont independent who is eyeing another presidential run harnessing the same populist rhetoric.

isis-killer-beheading-video-story-top Russian Federation detains American in Moscow over alleged spying
Dec 31, 2018 - 18:23
Its statement identified the person in Russian , with the AFP news agency saying the name appeared to translate as Paul Whelan. The FSB said the man was caught "during an espionage operation" without giving further details.

isis-killer-beheading-video-story-top Spurs Star Extends Contract But Can Leave For £25million
Dec 29, 2018 - 18:27
When asked whether Spurs intend to trigger the clause, Pochettino told a news conference: "Yes, for sure, it's obvious". The Argentine coach wants the team to play at that stadium as soon as it is ready, even it is late in this season.

isis-killer-beheading-video-story-top Pregnant Meghan Markle reportedly shares update on her due date
Dec 29, 2018 - 17:40
Ragland says she is "very happy" about her daughters pregnancy and "looks forward to welcoming her first grandchild". Anvil said the pregnant duchess was "so genuine" and "glowing" when asked about her pregnancy .