Tesla Drops as Autodata Estimates May Sales

NEW YORK ( TheStreet) -- Tesla Motors ( TSLA) shares fell 6.52% to $91.39 amid a broader market pullback, as research firm Autodata estimated sales for the month of May.

Autodata estimated that U.S. sales of the Model S were 1,425 units.

During the first quarter, the company produced 400 or more Model S vehicles a week, for a total of over 5,000.

A Tesla spokeperson reached by email said the company had no comment on the Autodata report.

Tesla has been the beneficiary of good publicity recently, both from the company and its CEO, Elon Musk. In May, Tesla upped its 2013 estimate for deliveries of the Model S as part of a record first-quarter earnings report. The company raised its guidance from 20,000 units to 21,000 units.

Aiding the increase in guidance was Tesla's recently announced financing program. Musk said in a recent interview with TheStreet the financing was important to Tesla selling 20,000 cars in the U.S. this year.

-- Written by Chris Ciaccia in New York

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