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Tesla tumbles on weak output as stock drops

2016-07-05 17:12

PRODUCTION STALLS: Shares of Tesla Motors fell following disappointing production figures as US stocks opened lower.. Image: AP / Michael Probst

New York - Shares of electric-car maker Tesla Motors fell on Tuesday following disappointing production figures  as US stocks opened lower.

Tesla dropped 3.4% as second-quarter production came in at 18.345, below the 20 000 it previously forecast.

The weak figures come on the heels of other difficulties facing Tesla, including a negative reception for its proposed purchase of SolarCity and a fatal crash involving Tesla's self-driving system.

Key events this week include the release of the June US jobs report.

Five minutes into trading, the Dow Jones Industrial Average was at 17,862.19, down 0.5%.

The broad-based S&P 500 fell 0.5% to 2,091.62, while the tech-rich Nasdaq Composite Index lost 0.6% at 4,832.59.


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