The company handed over 405,278 vehicles to customers in the last three months, short of the 420,760 average estimate compiled by Bloomberg.
While the total was a quarterly record for Tesla, the company opened two new assembly plants last year and still came up short of its goal to expand deliveries by 50%.
“We believe that Tesla is facing a significant demand problem,” Toni Sacconaghi, a Bernstein analyst with the equivalent of a sell rating on the stock, wrote in a report Monday. Tesla said that it continued to transition to “a more even regional mix of vehicle builds,” which led to another increase in cars in transit at the end of the quarter.
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