Tesla misses 4Q vehicle delivery estimates, slashes prices of all models

Tesla Inc shares tumbled Wednesday morning after the electric vehicle maker’s fourth-quarter deliveries fell short of Wall Street expectations.

Shares of Tesla fell nearly 8% to US$307.80 in Wednesday pre-market trading.

READ: Don’t worry about Tesla’s Model 3s left in inventory, says Baird

The company delivered a total of 90,7000 vehicles, including 63,150 Model 3s, 13,500 Model S sedans, and 14,050 Model X SUVs.

Analysts had expected to see 64,900 Model 3 deliveries, 14,200 for the Model S and 13,600 for the Model X, according to consensus estimates.

Tesla produced a total of 86,555 vehicles, an 8% increase compared with 80,142 cars in the third quarter.

Price cut

Tesla ramped up its production to fulfill orders for customers looking to take advantage of a US$7,500 federal tax credit granted to those who buy new electric vehicles.

As per the credit guidelines, Tesla customers had to have their cars delivered by December 31.

As of January 1, the tax credit was slashed to US$3,750.

Looking to highlight its affordability, Tesla noted that new owners can apply to receive the tax credit and may be eligible for additional state and local electric vehicle incentives, which can range up to US$4,000.

Contact Lenore Fedow at [email protected]

Follow her on Twitter: @LenoreMariee

Story by ProactiveInvestors