Tesla's Model 3 delivery numbers were below even analysts' tempered expectations.
Tesla vehicles sit in a parking lot before being shipped from San Francisco in February. By Faiz Siddiqui and Faiz Siddiqui Local reporter covering the D.C.
The company’s announcement Wednesday -- that it would deliver 360,000 to 400,000 vehicles -- further undermines"a key tenet of CEO Elon Musk’s legal defense against the SEC,” JPMorgan Chase said in an analyst note Thursday. Entering the courthouse Thursday, Musk said before a gaggle of reporters, “I have great respect for the justice system,” according to CNBC.
Tesla cited a “massive increase in deliveries in Europe and China” and chalked the delivery troubles up to “many challenges encountered for the first time” in a statement detailing its first-quarter production and deliveries. The automaker declined, however, to specify the nature of the challenges or how it plans to catch up — on the heels of its long-promised $35,000 Model 3 and the announcement of the new Model Y crossover.
Tesla warned not to view vehicle deliveries as a reflection of its broader financial picture; its quarterly earnings remained unreported.
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