Tesla's assembly lines slowed and deliveries fell during a rocky start to the new year that is likely to magnify nagging doubts about the company's ability to post sustained profits.
The Palo Alto, California, company churned out 77,100 vehicles from January to March, well behind the pace it must sustain to fulfil CEO Elon Musk's pledge to manufacture 500,000 cars annually., down 31% from 2018's fourth quarter. It cited a big increase in vehicle deliveries to Europe and China and "many challenges encountered for the first time."
Musk has already warned investors that the company will lose money during this year's first quarter amid cost-cutting needed to lower the price of its Model 3, its first electric car designed for the mass market. The company produced 62,950 Model 3s in this year's first quarter, up 1.6% from 61,934 in the prior three months.
Tesla attributed the production decline to cancellation of lower-priced versions of the Models S and X, a move the company said was designed to differentiate the more expensive vehicles from the Model 3.
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