Tesla Inc. said Wednesday that it delivered more than 245,000 electric cars and SUVs last year _ nearly as many as all previous years combined _ but the company's stock still plunged after its fourth-quarter deliveries did not reach analysts' estimates.
The Palo Alto-based electric-car maker produced 86,555 vehicles in the quarter, an 8 percent increase over its previous all-time high set during the previous quarter. That figure included 61,394 Model 3 sedans, more than 15 percent higher than third-quarter output, as well as 25,161 Model S sedans and Model X SUVs.
Tesla said it delivered 90,700 vehicles to customers during the fourth quarter, including 63,150 Model 3 sedans. But while the company said that number was a 13 percent increase over its third-quarter Model 3 deliveries, Bloomberg reported that it trailed average analysts' estimates of roughly 63,700 vehicles.
The company's overall deliveries for the year matched Wall Street estimates, but its total figures for the fourth quarter also fell short. Tesla said it delivered 90,700 vehicles from October through December. Analysts polled by data provider FactSet expected 92,000. Tesla said fourth-quarter deliveries were 8 percent higher than its previous high in the third quarter of 2018.
Tesla's stock was down 7.6 percent to $307.60 by 7:11 a.m. Pacific time.
Tesla's 2018 deliveries included almost 146,000 of its lower-priced Model 3 cars and 99,000 of the more expensive Model S sedan and Model X SUV. The lowest-priced Model 3 available now starts at $45,000, though a $35,000 version is set to be available later.
The company also says it's cutting the prices of its three of its vehicles by $2,000 to help customers handle the gradual phase-out of federal electric vehicle tax credits. On Jan. 1, the federal credit for Tesla buyers dropped from $7,500 to $3,750. It will gradually be phased out this year.
