Tesla shares dive after price cut, production numbers

(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)