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Tesla stock falls 9% after reporting its biggest sales drop in its history
Tesla on Wednesday reported a massive drop in auto sales for last quarter, though the company said it's confident it will still reach its annual sales goal.
About 63,000 vehicles were delivered to customers in the first three months of 2019 — a 31% drop compared to the prior quarter. The total sales figures included about 50,900 Model 3 sedans, Tesla's best-selling vehicle, and 12,100 luxury Model S sedans and Model X SUVs.
It was the first quarter-to-quarter drop in sales at Tesla in nearly two years and the single largest drop ever. Tesla stock was down more than 9% in pre-market trading on Thursday because of the decline.
Slowing sales are a concern because Tesla needs to keep its sales pace high to pay down its sizable debts. Tesla counts a sale whenever a vehicle is delivered, not when a new order or reservation is placed, because customers only pay the full price whenever they actually receive their vehicles. So sales figures do not necessarily reflect demand.
Read more on cnn.com