Tesla deliveries drop 31 percent in quarter one due to overseas shipping challenges
SAN FRANCISCO/BENGALURU, India - Tesla Inc deliveries fell 31 percent in its first quarter as the electric car maker struggled with its first shipments of the Model 3 sedan to Europe and China due to longer transit times.
Tesla, whose delivery numbers missed analysts’ expectations, said it had only delivered half of the quarter’s numbers by March 21, with 10,600 vehicles still in transit at the end of the quarter. By comparison, only 1,900 vehicles were in transit at the end of the fourth quarter. On Wednesday, Tesla said net income in the quarter would be negatively impacted by the lower delivery and recent price cuts. The company warned in February that it would post a first-quarter loss.
The Model 3 is the linchpin of Tesla’s growth strategy and Chief Executive Officer Elon Musk is under pressure to deliver the vehicle to new international markets efficiently, while guarding working capital.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla’s First-Quarter Deliveries PlummetTesla said new-vehicle deliveries in the first quarter fell 31% from the previous three months as the electric car maker strained to ship its Model 3 compact car to Europe and China for the first time.
Read more »
31 of the most extravagant hotel amenities money can buyFrom free Fender guitars to a concierge to help you cure your hangover, here are 31 unbelievable amenities you can get at hotels around the world.
Read more »
31 Of The Best Hair Products You Can Get At WalmartBecause hair care is self care!
Read more »
Just 31 Cheap And Weird Things You'll Probably Want To BuyNothing is over $25, everything is weird.
Read more »
31 Products To Help Organize Your Life For Under $15It doesn't have to cost a ton of money to get organized this spring!
Read more »
31 Products On Amazon Our Readers Are Loving Right NowDeathly strong coffee, a toilet night light, a corgi butt mousepad, and 28 other favorite products from our recent posts.
Read more »
31 Celebrities Celebrating Birthdays In AprilSay 'Happy Birthday' To These Celebs With Birthdays In April
Read more »
Ionescu scores 31, Oregon upends Mississippi StateSabrina Ionescu scored a game-high 31 points and added eight assists and seven r...
Read more »
31 Celebrities Who Have April Birthdays31 Celebrities Celebrating Birthdays In April
Read more »
CNN's 2020 Democratic debate set for July 30-31 in DetroitThe second debate of the 2020 Democratic presidential primary, hosted by CNN, will take place in Detroit on July 30 and 31, the Democratic National Committee announced Tuesday.
Read more »