Tesla Inc. delivered fewer vehicles than expected last quarter despite offering hefty incentives in its biggest markets, reinforcing demand concerns that contributed to the worst month and year for the electric-car maker’s stock since its 2010 initial public offering.
The company handed over 405,278 vehicles to customers in the last three months, short of the 420,760 average estimate compiled by Bloomberg. While the total was a quarterly record for Tesla, the company opened two new assembly plants last year and still came up short of its goal to expand by 50%.
It’s also the third straight quarter that deliveries have missed estimates.
Several analysts cut price targets on the stock Tuesday and JPMorgan Chase said Tesla might never again reach its multi-year 50% growth sales objective. “Our base case assumption is that year-on-year growth (while remaining impressive overall) is likely to decline each year from here on out,” analyst Ryan Brinkman, who has the equivalent of a sell rating on the shares, wrote in a research note.
