Tesla Inc.’s shares dropped after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles that were on their way to customers as the quarter came to a close.
The maker of Model 3 sedans and Model Y crossovers handed over 343,830 vehicles to customers in the last three months, short of the almost 358,000 total that analysts expected. The stock traded down 6.3% to US$248.53 shortly after the start of regular trading Monday, the lowest level since July 20.
Tesla has for years delivered big batches of vehicles toward the end of each quarter, a practice Chief Executive Officer Elon Musk has tried to move away from by localizing production in all major regions. While the carmaker opened its first European factory in Germany in March, record shipping costs are still bedevilling the auto industry along with shortages of semiconductors and other components.