Tesla drops 6pc as quarterly deliveries underwhelm Wall St

SAN FRANCISCO: Tesla’s stock dropped 6 per cent on Thursday after the electric car maker’s quarterly deliveries underwhelmed investors already concerned about slowing revenue growth and ongoing losses. While Tesla delivered a record 97,000 cars, it missed Wall Street estimates of 97,477 vehicles and — more importantly — fell short of 100,000 deliveries that CEO Elon Musk said the company had “a shot” at in an email leaked last week. Tesla has set a target to deliver 360,000 to 400,000 vehicles in 2019, which means it must deliver almost 105,000 vehicles in its final quarter to meet the low end of its full-year forecast. While supporters view Tesla as a growth stock, analysts on average expect the company to report a 7 per cent drop in revenue and a non-GAAP loss of $82 million for the September quarter, according to Refinitiv data. — Reuters