April 4, 2019—Tesla Inc. shares plummeted as a record decline in deliveries during the first quarter stoked concern of lessening demand for the Model 3 sedan that started selling less than two years ago, reported Bloomberg.
Tesla shares sank as much as 11 percent before the start of regular trading in New York.
Tesla could have a hard time hitting its annual delivery guidance of 360,000-400,000 vehicles, according to CNBC. The electric car maker delivered 63,000 vehicles in the first quarter, missing a consensus estimate of 76,000.
Tesla did reiterate its annual delivery guidance of 360,000 to 400,000 vehicles, but hitting that target looks more difficult, says Gene Munster, who is founder of the venture capital firm Loup Ventures.
