So far, it hasn’t been a happy start to the new year for Tesla.
The electric carmaker’s shares plunged nearly 10 percent Wednesday after reporting that fourth-quarter vehicle deliveries fell short of Wall Street analysts’ forecasts. Tesla said that for the quarter, it delivered 90,700 cars, including 63,150 Model 3 cars.
While those delivery figure both grew over what Tesla reported for its third quarter, the results disappointed investors who were banking on the company selling even more cars during the holiday shopping season at the end of the year.
Analysts had forecast Tesla to deliver 92,000 total vehicles during the quarter; Model 3 deliveries were pegged at 64,900 cars.
Additionally, Tesla also cut the price of its Model 3, Model S and Model X cars by $2,000 “to partially absorb the reduction of the federal EV (electric vehicle) tax credit” that dropped from $7,500 to $3,750 on Jan. 1. That credit will drop again by 50 percent, to $1,875 six months from now.
Tesla said it delivered a total of 245,240 vehicles in 2018, which the company said was almost as many cars as it delivered in all previous years combined.
Tesla shares recovered some of their initial losses, but they still remained down by 8.5 percent, to trade at $304.60 early Wednesday. For all of 2018, Tesla shares rose by almost 7 percent.