REUTERS: A bigger-than-expected drop in Tesla Inc deliveries spooked stock and bond investors, worried about the electric-car maker's ability to make money as Chief Executive Elon Musk heads into another legal tussle with regulators on Thursday.
The company had flagged in February that it expected to post a first-quarter loss as it launched its cheaper US$35,000 version of the Model 3 sedan. Musk's fight with the SEC, to play out in a Manhattan federal court hearing, has raised investor worries that it could lead to restrictions on his activities or even his removal from Tesla, while distracting him at a pivotal point in the company's expansion.
The company said it had delivered only half of the quarter's numbers by March 21, with 10,600 vehicles still in transit at the end of the quarter. By comparison, only 1,900 vehicles were in transit at the end of the fourth quarter. The carmaker reaffirmed its forecast to deliver between 360,000 and 400,000 vehicles this year, and said U.S. orders for the new Model 3 outpaced what the company was able to fulfill in the quarter.
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