Tesla delivers fewer vehicles than expected in first quarter

Tesla Inc. said late Wednesday it delivered about 63,000 vehicles in the first quarter, significantly fewer than analysts had expected.

Analysts surveyed by FactSet has expected 76,000 deliveries, with about 54,600 of those being Model 3 sedans. Tesla TSLA, +2.07% said only about 50,900 Model 3s were delivered.

The electric-car company cited a massive backlog of deliveries at the end of the quarter, which ended Sunday, thanks to a “massive increase” in deliveries to Europe and China. “We had only delivered half of the entire quarter’s numbers by March 21, ten days before end of quarter,” the company said in a statement.

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