Tesla Falls After Model 3 Deliveries Miss Estimates

(Bloomberg) -- Tesla delivered 63,150 Model 3 vehicles in the fourth quarter, missing analyst estimates of 63,698 vehicles. The company also announced it will cut prices in the U.S. by $2,000 in an effort to partially absorb the reduction of the federal EV tax credit which was halved as of Tuesday.

• Co. 4Q production grew to 86,555 vehicles, including 61,394 Model 3 vehicles and 25,161 Model S and X vehicles consistent with the company’s long term run rate of about 100,000 per year
• Tesla delivered 145,846 Model 3 and 99,394 Model S and X in 2018
• 1,010 Model 3 vehicles and 1,897 Model S and X vehicles were in transit to customers at the end of 4Q
• Shares are down about 8% in pre-market trading

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