Tesla cites ‘hubris’ for missed forecast
Tesla Motors Inc. shipped 14,820 vehicles in the first quarter, less than the 16,000 it had forecast in February, on the heels of surprisingly strong orders for the company’s new, less-expensive model.
The deliveries included 2,400 units of the Model X sport utility vehicle, which became available in September, the company said in a statement Monday.
Tesla releases global sales figures quarterly, instead of the monthly country-by-country results typically announced by other automakers.
Tesla reaffirmed plans to deliver 80,000 to 90,000 vehicles this year and blamed the first quarter delivery count on Model X supplier parts shortages and “hubris in adding far too much technology to the Model X in version 1.”
Combined deliveries of Tesla’s first three electric vehicles — the Model S luxury car, the Model X and an original Roadster that’s now discontinued — are now roughly 122,000 and pale compared with the more than 276,000 orders received just since Thursday for the company’s newly introduced Model 3.
That electric car’s $35,000 price tag adheres to chief executive officer Elon Musk’s strategy of introducing a more affordable, highvolume vehicle only after he had succeeded with more expensive models.
Though the Model 3 isn’t expected to begin production until late 2017, the orders that have already been placed — each requiring US$1,000 to reserve — have given Tesla a cash infusion of at least US$276 million.
The company raised US$226 million in its June 2010 initial public offering.
The maker of electric cars and energy storage devices delivered 50,658 Model S sedans and Model X sport utility vehicles in 2015, toward the low end of its revised target to ship at least 50,000.
Tesla shares fell 1.9 per cent to US$242.25 at 4:23 p.m. New York time, after regular trading.