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Tesla stock slides after the automaker's deliveries disappoint

Tesla stock slides after the automaker's deliveries disappoint
A Tesla Model S is displayed at an auto show in Frankfurt, Germany, in 2015. (Michael Probst / Associated Press)

Shares of Tesla Motors Inc. slipped Tuesday morning after the electric car company said over the weekend that it delivered fewer vehicles last quarter than expected.

Tesla stock was down 3.5% at $208.82 shortly before 9:30 a.m. PST.

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The Palo Alto automaker, led by Elon Musk, said its second-quarter deliveries totaled 14,370 vehicles — 9,745 Model S sedans and 4,625 Model X SUVs.

Tesla attributed the disappointing numbers in part to the "extreme production ramp" last quarter. It also said more than 5,000 completed vehicles were still on trucks and ships as the quarter ended, on their way to customers who had ordered them.

The company said previously that it would deliver between 80,000 and 90,000 vehicles this year. To achieve that, it must deliver an average of at least 25,405 vehicles per quarter for the next two quarters.

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