Wednesday, January 4, 2017
Tesla misses on deliveries for 2016
Reuters/Bobby Yip; Business Insider/Dave Smith
Tesla reported on Tuesday that it delivered approximately 22,200 cars during the fourth quarter of 2016.
For the year, Tesla shipped 76,230 cars to customers — falling significantly short of the company's full-year forecast of 80-90,000 vehicles.
"Our Q4 delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct," Tesla said in a statement.
Tesla also fell short of its guidance for the second half of the year, when it expected to deliver 50,000 vehicles.
The carmaker delivered 24,500 vehicles in the third quarter.
According to the Palo Alto-based automaker, it experienced production issues between late October and early December due to the integration of new Autopilot software.
As a result, vehicle production became heavily weighted towards the end of the quarter — leading to a number of cars missing shipping cutoffs for Europe and Asia.
"Although we tried to recover these deliveries and expedite others by the end of the quarter, time ran out before we could deliver all customer cars," Tesla said.
In total 6,450 vehicles that have been produced are are awaiting delivery. These in-transit vehicles will be counted towards first-quarter 2017 deliveries.
While it missed on deliveries, Tesla did produce 83,922 cars during 2016 — an increase of 64% over 2015.
In addition, Tesla reported a 52% increase in Q4 demand for its Model X and Model S vehicles over the same period last year. At the same time, Q4 demand bested the company's previous record set in the Q3 of 2016 by 24%.
Tesla was down more than 2% in after-hours trading.