Tesla Inc delivered fewer than expected Model 3 sedans in its first quarter as the electric car maker shifted its sales focus to international ...
REUTERS: Tesla Inc delivered fewer than expected Model 3 sedans in its first quarter as the electric car maker shifted its sales focus to international markets, where transit times are longer.
Tesla said first-quarter net income would be negatively impacted because of the lower-than-expected delivery volumes and several pricing adjustments. The Model 3 is the linchpin of Tesla's growth strategy and Chief Executive Officer Elon Musk is under pressure to deliver the vehicle to new international markets efficiently, while guarding working capital.Musk has been engaged in a public battle with U.S. regulators stemming from his tweets about Tesla's production estimates.
In late February, Tesla said it would soon begin selling its originally promised US$35,000 version of its Model 3 sedan to its North American customers but it was too late to make a marked difference in its quarterly deliveries.
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