Tesla stock: Shares drop after automaker's deliveries plunge in the first quarter

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More than 10,000 vehicles were en route to customers at quarter's end, Tesla said.

Musk announced the track to his 25.5 million Twitter followers, posting an apparent album cover for the song and the words "Emo G Records", which is his ficticious record label, later posting: "I'm disappointed that my record label failed". That figure raised further questions about a disputed February 19 tweet, where Musk indicated Tesla was on track to make 500,000 cars this year, information the SEC alleged was misleading.

"Overall, the Street was expecting an apocalyptic quarter and Model 3 deliveries were better than feared by many", said Wedbush analyst Daniel Ives, who noted the overall number was "clearly rocky".

If found guilty, Musk could face restrictions on social media, a fine, or his unlikely removal as CEO.

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The vehicle has more grip, the auto is less draggy on the straights, the engine is a big step better as well. He has been clear he wants to help the team develop the auto and has not ruled out a return to F1.

But at Thursday's hearing, the SEC stopped short of recommending such sanctions.

The company only delivered 63,000 vehicles in the quarter, down 31% from 2018's fourth quarter.

Tesla attributed the production decline to the cancellation of lower-priced versions of the Models S and X, a move the company said was created to differentiate the more expensive vehicles from the Model 3.

But Musk came under fire when he tweeted that Tesla would make around 500,000 cars in 2019, a figure he later clarified would be closer to 400,000.

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Admitting setbacks, he said the party would work to understand and fix where they failed. Despite predictable attempts to distract people from economic issues (Mr.

Tesla deliveries fell sharply in the first quarter of the year, a troubling sign for investors as the electric vehicle maker was set to appear in federal court Thursday in a contempt case against its chairman.

Elson believes regulators are now obligated to take meaningful action or the settlement with Tesla or any future agreement the SEC reaches with any company in the future reaches will be rendered meaningless.

Musk's lawyers countered that the earlier tweet merely restated a forecast he had given on January 30, and that the SEC conceded during settlement talks that Musk did not need pre-approval for all tweets about his company. Musk's privatization plan was at best in an early stage, however, and financing was not in place.

Musk's lawyers disagreed, arguing that his September deal gave him discretion to decide which tweets needed legal review. The SEC also asked the judge to force Musk to check in regularly with the SEC to prove his compliance with the terms of his deal with the agency.

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