Tesla Inc shares fell 11 percent on Thursday after a bigger-than-expected drop i...
- Tesla Inc shares fell 11 percent on Thursday after a bigger-than-expected drop in first-quarter deliveries, led by waning demand for its luxury Model S and X vehicles, added to worries about the electric-car maker’s finances.
RBC analysts called Model S/X deliveries “very disappointing” and estimated the numbers would translate to a more than $1 billion shortfall in revenue compared to previous estimates. Tesla also pinned the blame for the first-quarter delivery drop to longer transit times, which analysts said could impact cash flow, even though the company claimed it had sufficient cash on hand.
Still, there were no new downgrades by brokerages on Tesla shares. The company is currently rated “buy” or higher by 12 of the 30 brokerages covering the company, 7 “hold” and 11 “sell” or lower. Chief Executive Officer Elon Musk, who is under pressure to deliver Model 3 to new international markets efficiently, while guarding precious working capital, has been engaged in a public battle with U.S. regulators stemming from his tweets about Tesla’s production estimates.
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