Hyperdrive
Tesla Drops Most Since 2020 After Third Straight Delivery Miss
- Carmaker handed over 405,278 cars; analysts expected 420,760
- Shares drop more than 14%, biggest slump since September 2020
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Tesla Inc. shares fell more than 14% after the electric carmaker delivered fewer vehicles than expected last quarter despite offering hefty incentives in its biggest markets.
The company said Monday it 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 by 50%.