Tesla deliveries, stock down

Tesla delivered more than 22,000 vehicles last quarter, a 12 percent dip from the prior quarter.

The Palo Alto electric vehicle maker delivered about 12,000 Model S and 10,000 Model X SUVs, the company announced Monday. Deliveries grew more than 50 percent from the same quarter last year.

Tesla set a company record last year, delivering 76,000 vehicles. It’s on pace to top that number in 2017, with about 47,100 cars sent to new owners this year.

It produced 25,708 vehicles for a six-month total of 51,126.

The new production numbers come as company CEO Elon Musk announced that the first Model 3 sedans would roll off the production line Friday. The $35,000 electric car will be delivered to 30 customers at the end of July.

Tesla deliveries dropped 12 percent from the first quarter of 2017.  The company noted that second-quarter deliveries were stalled by “a severe production shortfall” in 100 kilowatt battery packs. Until early June, the company said, large battery pack production fell 40 percent below demand. The 100 kilowatt packs fuel the most expensive Tesla models.

The company is also touting improved quality on the Model X, and added “fully-loaded” new Teslas to its loaner fleet. It also added more Model X SUVs to its test drive and display fleet, seeking to boost sales of the electric crossover.

Even as Tesla pumped out updates on the Model 3 and factory production, its stock slid about 2.5 percent. Analyst Toni Sacconaghi told clients Monday that he remains skeptical about the Palo Alto company’s ability to make money on a lower-cost car, according to CNBC.

The company has yet to sustain a profit on its two luxury vehicles, which traditionally carry higher profit margins than cheaper vehicles.

Tesla took nearly 400,000 reservations, at $1,000 each, for the Model 3 in the weeks after its unveiling. Musk said he expects the Fremont factory to produce as many as 20,000 Model 3s a month in December.

The electric vehicle market is getting crowded. GM released the Chevy Bolt last year, and Nissan is updating and extending the range of its all-electric Leaf this fall.

Photo: A Tesla Model S P90D on display at the Tesla store in the Stanford Shopping Center in Palo Alto on Nov. 6, 2015. (LiPo Ching/Bay Area News Group)


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