Tesla news about the company’s deliveries in the first quarter of 2019 has TSLA stock down on Thursday.
Tesla (NASDAQ:TSLA) says that it delivered approximately 63,000 vehicles during the first quarter of 2019. This includes some 50,900 Model 3 and 12,100 Model S and X vehicles. The company notes that this is a roughly 110% increase over deliveries from the same time last year.
The bad Tesla news here is that the company also missed out on some deliveries in the first quarter of 2019. As a resulted, it notes that many deliveries instead slipped into the second quarter of the year.
To go along with the Tesla news about its low deliveries is a poor update for its net income outlook. The company says that the delivery issues, as well as price changes, have it expecting a negative impact on net income for the first quarter of the year.
“Despite pull forward of demand from Q1 2019 into Q4 2018 due to the step down in the federal tax credit, US orders for Model 3 vehicles significantly outpaced what we were able to deliver in Q1,” the company said in a Tesla news release. “We reaffirm our prior guidance of 360,000 to 400,000 vehicle deliveries in 2019.”
Tesla also notes that keeping production to a single factory in the San Francisco Bay Area makes deliveries more difficult. This is due to it shipping vehicles from this factory to customers around the world.
TSLA stock was down 7% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.