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Tesla Inc.

reported a drop-off in deliveries in the first quarter after U.S. incentives for its vehicles shrank and the company struggled to quickly get Model 3 sedans to overseas consumers.

The electric-car maker delivered 63,000 vehicles in the three months that ended in March, according to a statement Wednesday, down from 90,966 in the fourth quarter. The 50,900 Model 3 sedans Tesla delivered in the first quarter missed analysts’ average estimate for 51,750 and was lower than the totals in each of the two previous quarters.

“It’s a disappointment. There’s no way around that,” said Gene Munster, a managing partner of venture capital firm Loup Ventures. “They missed on deliveries and they missed on production. The big question is, what is demand? If you believe what they say, demand in the U.S. isn’t a problem.”



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Tesla Sales Slow In 1st Quarter As Market Cools

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