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Tesla Tumbles Most in S&P as Quarterly Deliveries Disappoint

  • Carmaker says more of its EVs were in transit at quarter-end
  • CEO Musk is trying to localize production to smooth deliveries
Bloomberg business news
Tesla Cites Shipping Issues as Deliveries Disappoint
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Tesla Inc.’s shares dropped the most in four months after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles on their way to customers as the quarter ended.

The maker of Model 3 sedans and Model Y crossovers handed over 343,830 vehicles to customers in the last three months, short of the almost 358,000 total that analysts expected.