A drop in deliveries sends Tesla shares tumbling via ReutersTV
- A bigger-than-expected drop in Tesla Inc deliveries spooked stock and bond investors, worried about the electric-car maker’s ability to make money as Chief Executive Elon Musk heads into another legal tussle with regulators on Thursday.
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. His lawyers will argue on Thursday that he did not violate a fraud settlement with the U.S. SEC and should not be held in contempt, the latest twist in a high-profile battle between the billionaire and the government.
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.
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