Tesla Shares Falling After Deliveries Hit Near 2-Year Low

Tesla Motors Inc (NASDAQ: TSLA) announced it delivered fewer cars than expected in the second quarter, prompting investors to push the company's stock lower by more than 5 percent early Tuesday morning.

Tesla said it delivered 14,370 vehicles in the second quarter, which was notably short of its own projections of 17,000 vehicles. The company did, however, note that 5,150 customer-ordered vehicles were still in transit at the end of the quarter and will be marked as delivered in the third quarter.

A car is considered delivered when it is received by the end customer and all the paperwork is finalized.

In total, Tesla delivered 9,745 Model S sedans and 4,625 Model X vehicles in the second quarter.

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Tesla stated that it produced 18,345 vehicles in the second quarter, which represents an increase of 20 percent from the previous quarter. Due to a steep production ramp, nearly half of the quarter's production occurred in the final four weeks of the period.

Tesla expects further ramps in production and should be manufacturing 2,220 vehicles per week in the third quarter and 2,400 vehicles per week in the fourth quarter. This would compare favorably to the just under 2,000 vehicles per week manufactured in the second quarter.

Looking forward to the bottom half of 2016, Tesla expects to deliver around 50,000 vehicles, which represents a figure approximately equal to its total 2015 deliveries.