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

>Contact by Email.

If you liked this article you might like

Walmart, Home Depot, Rite Aid, Elon Musk and KFC - 5 Things You Must Know

Walmart, Home Depot, Rite Aid, Elon Musk and KFC - 5 Things You Must Know

Elon Musk's Hyperloop and Everything You Need to Know Before You Trade Tuesday

Elon Musk's Hyperloop and Everything You Need to Know Before You Trade Tuesday

Tesla and Con Ed to Test Powerpack Battery Systems in New York

Tesla and Con Ed to Test Powerpack Battery Systems in New York

Why I Have Major Concerns Tesla Is a Viable Company

Why I Have Major Concerns Tesla Is a Viable Company

What Stock Market Correction?

What Stock Market Correction?