£3.2bn wiped off Tesla as car deliveries fall

MorE than £3.2bn was wiped off tesla’s value after it revealed its biggest ever drop in deliveries.

the electric car maker said customers were handed the keys to just 63,000 vehicles in the first three months of the year – a 31pc drop on the previous quarter.

tesla blamed problems with shipping vehicles to Europe and China. But the announcement revived fears about its plans to become profitable, sending shares down more than 10pc in early trading.

the sell- off came as tesla boss Elon Musk, 47, faced a court battle with regulators.

he could be held in contempt for violating a settlement with the securities and Exchange Commission (sEC) over tweets in February about potentially misleading production figures. Musk said tesla would likely produce 500,000 cars in 2019, but later admitted deliveries would total about 400,000.

Last night a federal judge in new york gave Musk and the sEC two weeks to settle the dispute outside court or she may make a decision.

the row with the sEC has sparked concerns that Musk – who was already made to step down as chairman under a deal with the regulator – could face further restrictions or even be removed as chief executive during a pivotal time for the company. tesla is battling to become profitable and ramp up the roll-out of its Model 3 saloon car, its first aimed at the mass market. the latest figures showed it delivered 50,900 Model 3s and 12,100 Model X or s cars. however, it was well below the 76,000 expected overall by analysts.

■ Former nissan boss Carlos ghosn was arrested for a fourth time in tokyo on further charges he tried to enrich himself at the car maker’s expense. the 65-year-old was released on bail last month after 108 days in detention.