Customers can apply to receive the $3,750 federal tax credit for new deliveries starting on January 1, 2019, and may also be eligible for several state and local electric vehicle and utility incentives, which range up to $4,000. Tesla said it delivered 90,700 vehicles from October through December, while analysts polled by data provider FactSet expected 92,000.
Ives added that Tesla shares are "hypersensitive to any issue around Model 3" and that it will remain a stock that is "guilty until proven innocent" until it discloses quarterly earnings figures next year. Come 2020, the tax credit disappears entirely (although no one will care since two-thirds of the world's wild animals are on track to disappear by 2020, too).
Tesla shares tumbled more than 8 per cent at the opening bell, to $304.69. Model S and X production fell slightly year-on-year, but this was in-line with expectations and likely the result of the company's intense focus on pushing Model 3 development.
The company has been banking on its Model 3 sedan, the performance of which is seen crucial to the carmaker's future.
How to Watch New Year’s Eve 2018 TV Coverage Online
For those who won't be in Times Square for the New Year, they can watch the live stream on CNN's homepage here. Anderson Cooper will return for the 11th New Year's Eve Live show on CNN , with Andy Cohen as his cohost.
Tesla also announced a $2,000 price cut on all of the Model 3, Model S and Model X to help US purchasers, who will get only a $3,750 federal tax credit over the next six months, down from the previous $7,500. However, the company delivered just 63,150 Model 3s in the fourth quarter, missing analyst targets by 1,750 vehicles.
Shares of electric auto and solar panel maker Tesla Inc. tumbled Wednesday, Jan. 2, 2019, morning after the company cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates. The vehicle has been delivered only to North American customers and in its mid to higher priced configurations.
Longer-term we think the price cut is more concerning.
There remain significant opportunities to continue to grow Model 3 sales by expanding to worldwide markets, introducing lower-priced variants and offering leasing.
A link to Tesla's Q4 2018 full report can be found here.