Tesla's first quarter production and delivery figures fell short of hopes.
In an update posted on Wednesday, Tesla (TSLA) - Get Report told investors that it delivered 63,000 vehicles, including approximately 50,900 Model 3s. That figure is 31% lower than the total for the previous quarter, and well short of analysts' estimates.
Tesla shares dipped a penny in late trade after closing up 2% Wednesday at $291.81. Shares were down 7.8% year-to-date.
The carmaker pinned the weak delivery volumes on its challenging expansion of sales to China and Europe, saying that it had only delivered half of the entire quarter's numbers by March 21. The carmaker said that it produced 77,100 total vehicles during the first quarter, and that "production exceeded deliveries by 22%."
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Tesla warned investors that owing in part to the weak delivery volumes, net income for the quarter will disappoint.
"Because of the lower than expected delivery volumes and several pricing adjustments, we expect Q1 net income to be negatively impacted. Even so, we ended the quarter with sufficient cash on hand," Tesla wrote in a statement.
Outside of producing and delivering cars, Tesla CEO Elon Musk is also facing a court hearing on Thursday related to a potential violation of an earlier settlement with the SEC.
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