Tesla Shares Drop After Quarterly Deliveries Fall
July 05 2022 - 10:54AM
Dow Jones News
By Dean Seal
Shares of Tesla Inc. fell 4.9% to $648.50 in early trading
Tuesday after the company reported a quarter-over-quarter drop in
vehicle deliveries for the first time in two years.
The electric-vehicle maker said Saturday that it delivered
254,695 vehicles to customers in the three months ended in June,
down from 310,048 in the prior quarter.
Analysts surveyed by FactSet had expected Tesla to deliver
around 264,000 vehicles during the quarter, having lowered their
expectations after the company had to temporarily shut down
operations in Shanghai, its largest factory, because of Covid-19
lockdowns.
The company also is having trouble launching two new factories
in Germany and Texas, which Tesla Chief Executive Elon Musk has
referred to as "gigantic money furnaces."
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 05, 2022 10:39 ET (14:39 GMT)
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