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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