Economy

Tesla misses Wall Street target, cuts United States prices

Tesla misses Wall Street target, cuts United States prices

Shares of Tesla fell by more than 6 per cent during the first trading day of 2019 after the electric-car company released its delivery figures for the end of 2018, which modestly fell short of Wall Street expectations compiled by FactSet.

Tesla boosted production during the quarter, churning out 86,555 vehicles, up 8 percent from 80,142 during the third quarter, the company said. Deliveries also grew to 90,700 vehicles, a number that's also 8% more than Q3 2018's all-time-high.

CEO Elon Musk announced October 23 that the company planned to limit certain options on its higher-end Model S sedans and Model X SUVs to streamline production.

In 2018, we delivered a total of 245,240 vehicles: 145,846 Model 3 and 99,394 Model S and X. To put our growth into perspective, we delivered nearly as many vehicles in 2018 as we did in all prior years combined.

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Musk now plans to turn attention to filling Model 3 orders in Europe and China starting in February, which could help offset some of the potential drop in USA demand linked to the shrinking tax credit.

As a result, up until this point, the cheapest Model 3 that you could purchase featured a base price of $46,000.

Now, Tesla has taken things a step further, opting to slash the price of its Model 3, Model S, and Model X vehicles by $2,000 across the board.

Even so, analysts had expected more of the electric carmaker, anticipating that it would complete 92,700 deliveries across its Model 3, Model S sedan, and Model X SUV.

Auto smashes into pedestrians during New Year's celebration
Kusakabe drove around 140 meters the wrong way on the one-way street, hitting eight men aged between 19 to 51, the police said. Nine people were injured when a man rammed a van into crowds celebrating New Year's Eve in Tokyo , Japanese authorities said.

As of writing, Tesla stock is trading down 7.45% at $308.00 per share.

Longer-term we think the price cut is more concerning. The move, created to partially offset a reduction in the federal tax credit for its electric vehicles, underscored the key challenge in what is likely to be a pivotal year for the company and its chief executive officer. With the adjustments in place, the reduction of the $7,500 federal tax credit to just $3,750 would likely not weigh down customers as much. The company said it delivered 63,150 Model 3s, 13,500 Model S sedans and 14,050 Model X SUVs. Wedbush Securities analyst Dan Ives told CNBC that Tesla's failure to meet Wall Street projection was something that his firm had been prepared for: "It was a move that was within the realm of possibility, but it caught investors off guard", he said.

Tesla's Q4 production numbers are comprised of 61,394 Model 3 vehicles, in line with the company's guidance and 15% more than its already notable figures in the third quarter.

Three people - including a police officer - have been stabbed at Manchester Victoria
A police spokesperson confirmed Counter Terrorism officers were assisting with the investigation but said the motive is "unclear". Three people, including a police officer, have been stabbed by a man wielding a knife at Manchester Victoria station.


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