The company acknowledged first-quarter deliveries of the S and X were slowed by shortages of parts caused by “Tesla’s hubris”. Customers put down $1,000 knowing that they’ll probably have to wait two years to get their cars, leading Caldwell to believe it’s more about the cultural phenomenon of Tesla. It says the production issues have been solved and Model X builds are now “on plan”.
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In the first quarter, a total of 14,820 vehicles were delivered. The company reports sales quarterly and doesn’t break out the sales by region.
Tesla said “severe shortages” of parts for the Model X in January and February cut into planned production. On top of that, you don’t have to break your bank when doing so because the Model 3 will retail at around $35,000 before any rebates. “Once these issues were resolved, production and delivery rates improved dramatically”. Tesla said it remains on track to deliver 80,000 to 90,000 vehicles in 2016.
Tesla said it will learn from the Model X delay to ensure the same mistakes aren’t repeated when the Model 3 launches.
“While in the grand scheme of the “idea” of Tesla, the “miss” doesn’t matter much, it may stop the stock’s recent positive momentum in the wake of Model 3 excitement”, RBC analyst Joseph Spak said in a note.
Tesla notes this figure is still 45 percent higher than the same period previous year, and it may be attributable to the winter doldrums that affect most vehicle sales.
Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles and stationary energy storage products in the United States, China, Norway, and internationally.
Though the Model 3 isn’t expected to begin production until late 2017, the orders that have already been placed – each requiring $1,000 to reserve – have given Tesla a cash infusion of at least $276 million.
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“This is a critical vehicle for Tesla, much more critical vehicle than any vehicle that has come before”, Jack Nerad, executive editorial director at Kelley Blue Book, told ABC News.
