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  • 04.05.16

Tesla’s first quarter sales are lower than expected

The company sold 14,820 vehicles in the first quarter ended March 31, but that’s less than the 16,000 forecast by the company, reports the Wall Street Journal. The company shipped 12,420 Model S sedans and 2,400 Model X sport-utility vehicles but said it didn’t ship more because of its own “hubris in adding far too much new technology to the Model X in version 1.”

Still, Tesla shipped 50% more vehicles in the quarter than it did in the same quarter a year earlier. At the end of March, the company was producing 750 Model X cars a week. But despite not hitting its forecast for the quarter, things are looking up for the electric carmaker in a big way. Over the weekend, it announced that it pre-sold over 276,000 Model 3 vehicles with an average selling price of $42,000, which amounts to total pre-sales worth over $10 billion.MG