Tesla Shares Fall on Slow Start to Model X SUV Deliveriesby
Electric-car maker delivered 208 Model Xs in fourth quarter
Total quarterly shipments reached 17,400, at low end of goal
Tesla Motors Inc. fell the most in more than two months after the electric-car maker’s fourth-quarter delivery figures showed a slower-than-expected start to shipping the Model X sport utility vehicle.
The company said on Sunday that it shipped 17,400 vehicles in the quarter, reaching 50,580 vehicles for the year, at the low end of the company’s revised forecast from November. Deliveries included 208 Model X SUVs.
Ben Kallo, an analyst at Robert W. Baird & Co., had estimated that the Palo Alto, California-based company would deliver about 1,000 Model Xs.
“We remain on the sidelines until we see further clarity around the Model X ramp and the Model 3 reveal,” Kallo, who rates the shares neutral, wrote in a research note published early Monday. “The Model X production ramp began later than we had expected in Q4, with a total of 507 Model X vehicles produced.”
Tesla’s forecast changed during the year as it grappled with manufacturing more than one type of vehicle and a steep production increase. The automaker’s Model S sedan and Model X SUV are produced on a shared assembly line at its factory in Fremont, California. In a February letter to shareholders, Chief Executive Officer Elon Musk said Tesla would deliver 55,000 vehicles in 2015. In November, the company revised its outlook to a range of 50,000 to 52,000.
Tesla slid 7.1 percent to $223.03 at 11:17 a.m. in New York after dropping as much as 8.6 percent, the most intraday since Oct. 20. The shares rose 7.9 percent in 2015, closing at $240.01 on Dec. 31 to give it a market capitalization of $31.4 billion. The stock had closed as high as $282.26 in July.