Electric vehicle giant Tesla Inc on Wednesday disclosed that it missed its target deliveries this month, hitting just below 2 percent, which is way off what Wall Street really had in mind.
The company's stocks crashed almost 6 percent as a result immediately after Wednesday's opening session -- dousing cold water on the adrenaline that followed when big boss Elon Musk rallied his people on email to hit their delivery target last week.
Tesla did record a total of 97,000 vehicles rolled out, but this wasn't the kind of numbers that Wall Street analysts were looking for, which is 97,475 vehicles, based on IBES figures.
Tesla Inc (TSLA) has been under constant pressure to increase its output, as top honcho Elon Musk said there is decent demand in the market for its electric cars and that the company can profit from it, even as its rivals start building their own electric versions.
Tesla's orders for its Model 3 reached 79,600. Expectations ranged from 78,310 to 79,610. The carmaker shipped 17,400 of the Model X and S. TSLA shares were down 3.8 percent near the 234 marks, in extended trading on Wednesday.
How its output figures will play out on the company's profits for the next three months is yet to be seen. But the numbers on the board for the second quarter tell the story. The Palo Alto, CA-headquartered car and energy firm shipped 95,200 vehicles in the first six months this year. That notched a quarterly record and beat analysts' projections, as Tesla's shares rose 9 percent.
However, three weeks later TSLA sunk 15 percent after the company posted its second-quarter sales that showed a bigger-than-estimated decline - although it set records for car production and kept its capital spending unchanged.
Tesla's Model X and S versions are also facing tough competition with the recently introduced all-electric sports utility vehicles of auto behemoths Land Rover, Jaguar, and Audi. Deliveries of it's Model X and S plunged 1.5 percent to 17,410 in the first half and came in below Wall Street expectations of 18,830 vehicles.
Analysts anticipate Tesla to disclose third-quarter sales by the end of October. Wall Street's majority projection for TSLA stock is $6.5 billion revenue, which is 5 percent less than last year's figure. Analysts see Tesla shedding 42 cents a share.