The missed expectation is especially noteworthy because the fourth quarter of 2018 was the last period during which customers could earn a major federal tax credit for buying an electric vehicle, which would have boosted sales.
But he further claimed that those numbers are not a good representation of how much demand there is for the Model 3 as the company is not actually attempting to sell the vehicle yet: "I think this is inconsequential because with a small amount of effort, we could easily drive the Model 3 reservation number to something much higher, but there's no point". That still doesn't quite make up for the $7500 incentive's loss (combined with the new $3750 tax credit, customers now save around $5750), but it's certainly better than nothing.
The company also says it's cutting prices of its three vehicles by US$2,000 to help customers handle the gradual phase-out of federal electric vehicle tax credits.
The electric vehicle maker's shares tumbled more than 9 percent in morning trading.
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In this country all the people are going to watch the game, but I will be in a neutral position trying to enjoy the game. That took the Denmark global to four Premier League goals for the campaign, while he has also set up a further seven.
Tesla plunged after disappointing Model 3 deliveries and an across-the-lineup price cut prompted concerns that the carmaker may bump up against a ceiling for demand.
"The price cut is what's driving the stock lower, as it openly acknowledges the sunset of subsidy dollars is a material headwind", said Craig Irwin, an analyst with Roth Capital Partners.
Elon Musk's auto company delivered a total of 90,700 vehicles in the fourth quarter, up from 29,870 a year earlier. That's vastly better than where the company was a year ago, but significantly below the 6,000/week target Musk previously said Tesla would achieve by August 2018. Tesla's own internal tracking shows its deliveries were in line with or above estimates, spokesman Dave Arnold told reporters. Tesla stock (NASDAQ:TSLA) has fallen more than 7% on Thursday's trading, partly due to the company's 63,150 Model 3 deliveries falling slightly short of FactSet estimates of 64,900.
Overall, total production rose 8% to 86,555 vehicles.The company churned out 61,394 Model 3s, up from a total of 53,239 Model 3s in the third quarter.