(Reuters) - Tesla Inc shares sank 7 percent on Wednesday after the electric car maker cut prices of its vehicles by $2,000 in the United States in response to the loss of a green tax credit and reported fourth quarter production numbers.
The company said it produced a total of 86,555 vehicles including 61,394 Model 3s, up from a total of 53,239 Model 3s in the third quarter but showing no improvement on the 5,000 per week rate it finally achieved at the end of the third quarter.
CNBC said Wall Street analysts had forecast deliveries of 64,900 Model 3s compared to a number of 63,150 also announced by the company on Wednesday.
Starting Wednesday, the company will be reducing the price of Model S, Model X and Model 3 vehicles in the U.S. by $2,000, Tesla said in a regulatory filing.
(Reporting by Sonam Rai in Bengaluru; editing by Sweta Singh)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app