Friday , January 15 2021

Tesla shares fall in disappointing quarterly performance

Tesla CEO Elon Musk speaks during a company's launch eventPicture Copyright
Getty Images


Tesla CEO Elon Musk speaks during a company's launch event

Tesla shares have fallen after the electric car manufacturer revealed it missed out on supply expectations and will lower its car prices by $ 2,000 in the US.

The price reduction, which applies to Model S, Model X and Model 3 cars, is due to a reduction in green tax credits.

Tesla said it delivered 90,700 vehicles in the three months to December.

Its shares fell by approx. 8% at the beginning of US trade.

Prior to the price reduction, CEO Elon Musk announced Tesla customers to use federal tax credits.

With a value of around DKK 6,000 ($ 7,500), credits will be reduced by half after the first 200,000 Tesla vehicle deliveries in the United States.

The company also said it delivered 63,150 Model 3 & # 39; is in the quarter that does not exceed FactSet estimates of 64,900.

Hargreaves Lansdown's Equity Analyst Nicholas Hyett said investors had expected "herculean achievements".

"For most car groups, it would be very impressive numbers – almost tripling the number of vehicles you deliver in a year is not important," he added.

In its previous profit and loss account, Tesla promised to focus on increasing production speed, which is crucial to the company's long-term profitability.

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