Tesla shares dropped in early trading after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles that were on their way to customers as the quarter came to a close.
Tesla Inc.’s shares dropped the most in three months after the carmaker blamed a disappointing deliveries report on shipment issues that increased the number of vehicles that were on their way to customers as the quarter came to a close.
“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” Tesla said in a statement Sunday. “In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter.”
Tesla had said that its delivery count is conservative and that final numbers could vary by 0.5 per cent or more. The company produced 365,923 vehicles for the quarter.
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