Economy

Tesla shares skid as Model S and X deliveries fall by half

Tesla shares skid as Model S and X deliveries fall by half

Not content with having the world's leading electric auto company under his belt nor his SpaceX programme, Tesla founder Elon Musk has now chose to launch his music career.

Tesla says that it delivered 50,900 Model 3s through March, a 520 percent increase when compared to this time a year ago; however, that's a 20 percent slump compared to last quarter.

Tesla began its Model 3 delivery efforts in Europe and China this quarter, and the delivery miss can be partially attributed to the headwinds of overseas transport, homologation, new distribution channels and tariffs.

On Wednesday, Tesla said net income in the quarter would be negatively impacted by the lower delivery and recent price cuts.

Of the 63,000 cars delivered, 50,900 were Model 3s and 12,100 were Models S and X. In its announcement, the company said orders for Model 3s "significantly outpaced" what it was able to deliver. This man is a total wildcard and has surprised us many times before like he did with his flamethrower.

Tesla shares dropped below the $270 mark this week, Wall Street is now focusing closely on the $250 figure which Tesla shares have not closed below since March 2017.

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There's still time! He could be Elon Musk: CEO of Tesla and SpaceX and record producer extraordinaire. The SEC says it hurt investors who bought Tesla stock after the tweet but before they had accurate information.

Musk has been engaged in a public battle with USA regulators stemming from his tweets about Tesla's production estimates and a judge will hear the case on Thursday.

Elon Musk's job as Tesla Inc's chief executive appeared safe on Thursday as a federal judge in Manhattan urged the billionaire to settle contempt allegations by the U.S. Securities and Exchange Commission over his use of Twitter.

But the company warned its finances would take a hit amid the delivery challenges and price changes.

We hope that this is just some weird early April Fools Day joke. But it said it ended the quarter with sufficient cash on hand. Tesla had a total of 10,600 vehicles in transit at the end of last month as the company started sales of the Model 3 in China and Europe.