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Tesla Plunges 11% as Delivery Drop Deepens Demand Concerns

  • Company reports 31% sequential drop in quarterly deliveries
  • ‘The big question is, what is demand?’ Loup’s Munster says
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Ben Kallo, senior research analyst at Robert W. Baird & Co., says this wasn’t a good print for Tesla.Daybreak: Americas." (Source: Bloomberg)
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Tesla Inc. shares plummeted as a record decline in deliveries during the first quarter stoked concern of slackening demand for the Model 3 sedan that started selling less than two years ago.

The electric-car maker delivered 63,000 vehicles in the three months that ended in March, down from 90,966 in the fourth quarter. Tesla shares sank as much as 11 percent to $260.59 as of 9:30 a.m. Thursday in New York.