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As stock slumps, Tesla updates vehicle deliveries

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Tesla had a few more vehicles in the pipeline during the second quarter — for customers and investors.

The electric vehicle maker amended its quarterly delivery numbers on Friday after investors punished its stock for a 12 percent drop in shipments on the Model S and Model X.  The company said another 3,500 vehicles were in transit to customers, and would be booked as deliveries in the third quarter.

Tesla shipments this year dropped from 25,000 vehicles in the first quarter to 22,000 in the second quarter. The number of vehicles in transit also dropped 25 percent during the same period. The company noted that shipments were up from the second quarter of 2016.

Tesla blamed the lagging shipments on a “severe production shortfall” of its 100 kilowatt hour battery packs. The energy storage units are made with new technology on new production lines, Tesla said.

Tesla stock has fallen about 14 percent this week following a variety of company and industry challenges. Volvo announced it would transition all of its vehicles to electric and hybrid, bringing another significant competitor in the EV market. The Insurance Institute for Highway Safety this week also downgraded its safety rating on the Model S, challenging the company’s claim to making the safest vehicle on the road.

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But today also could mark a milestone for Tesla — production of its first Model 3 from the assembly line. The company has been expanding it manufacturing line to accommodate the new model.

CEO Elon Musk tweeted that vehicle “SN1” — is that serial number one? — was scheduled to roll off the line Friday.

The $35,000 base price electric sedan was slated to begin production this month. The first 20 vehicles will be delivered to customers at an event July 28.

The company also announced Friday it landed a contract to build large-scale battery storage in South Australia, a region suffering through severe weather and blackouts. Tesla will provide 100 megawatts of battery storage linked to a wind farm.

Photo: The first Model 3, Tesla’s $35,000 electric sedan, is expected to roll off the assembly line at the company’s Fremont factory on Friday. (Tesla Motors via AP)

Tags: elon musk, Model 3, tesla

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