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Tesla shares sink as car deliveries drop

Tesla shares sink as car deliveries drop

Some of Tesla's Model 3 cars were delayed entering China
Tesla's share price tumbled nearly 9% after the electric carmaker warned on profits following a 31% drop in vehicle deliveries during the first quarter.The firm blamed problems with shipments to Europe and China, where it began selling its Model 3 car for the first time.Total deliveries hit 63,000 in the three months to March, below analysts' forecasts which had already been cut.Tesla now expects quarterly profits to be "negatively impacted". The company encountered problems shipping the Model 3 to China in March after customs authorities suspended clearance because of misprinted labels on certain cars.
Tesla said that it had only delivered half the entire quarter's vehicles by 21 March, and that 10,600 cars were still "in transit" at the end of the quarter. The carmaker's shares dropped nearly 9% in early trading in New York to $265.9 each. Analysts had expected Tesla to deliver 82,000 vehicles between January and March, but this was then reduced to 71,350.In the fourth quarter, Tesla delivered 90,700 cars.
Car industry
Companies
Elon Musk
Tesla
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