Back to top

Image: Bigstock

Tesla Misses Full-Year Vehicle Delivery Projections

Read MoreHide Full Article

Shares of Tesla Motors (TSLA - Free Report) fell in after-hours trading Tuesday following the company’s Q4 and full-year vehicle delivery announcement. Tesla said that it delivered about 22,200 vehicles in the fourth quarter, bringing its total to 76,230 for the year, which missed estimates.

The automaker said that “short-term production challenges” caused issues which weighted deliveries towards the end of the quarter and forced the company to miss its already-trimmed projections. Tesla delivered 12,700 Model S vehicles and 9,500 Model X vehicles in the quarter, and another 6,450 vehicles were in transit to customers are the end of the quarter.

Tesla also highlighted the transition to new Autopilot hardware and some shipping challenges as difficulties in the quarter.

In February, Tesla guided for deliveries of 80,000 to 90,000 vehicles in 2016, but that was later adjusted down to 79,000. The electric vehicle maker affirmed that guidance in October.

Nevertheless, Tesla pointed out that vehicle demand in the quarter was strong, and net orders for the Model S and X were up 52% year-over-year.

Zacks' Top 10 Stocks for 2017

In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?

Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold.  Be among the very first to see them >>

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

Tesla, Inc. (TSLA) - free report >>