Tesla shares tumble on poor quarterly results

Shares in Tesla fell 9% on Wednesday after revealing a poor quarterly performance.

The electric carmaker said that it plans to cut the price of vehicles in the US by $2,000 and that the group missed quarterly expectations.

Garrett Nelson, an analyst from CFRA, said: “Tesla shares tend to a have a lot more noise and volatility than most, but we think investors who are willing to take a longer-term view of the story will be rewarded handsomely and continue to believe Tesla is on track to post one of the market’s most robust year-over-year earnings increases in 2019.”

The group tripled deliveries of its electric vehicles to 90,700 in the fourth quarter, up from 29,870 a year earlier.

Shares in the group have had a volatile year, helped along by the controversial nature of the group’s boss, Elon Musk.

Earlier this year Musk was fined by the Securities and Exchange Commission (SEC).

Shares in the group (NASDAQ: TSLA) are currently trading +7.55% (1632GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.