• 3 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 9 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 11 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 11 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options

Tesla Misses 2016 Delivery Target

Elon Musk

Tesla Motors said on Tuesday that it had delivered 76,230 vehicles in 2016, which was less than its target of 79,000 deliveries, but was expected by many analysts.

Deliveries in the fourth quarter came in 22,200 vehicles, including 12,700 Model S and 9,500 Model X cars. The electric carmaker produced 83,922 vehicles last year, up by 64 percent annually.

Tesla boasted “particularly strong” vehicle demand in the fourth quarter, with net orders for Model S and X up by 52 percent from the fourth quarter of 2015 and 24 percent higher than the third quarter of 2016.

At the beginning of this year, Tesla had targeted total 2016 deliveries at 80,000 to 90,000 vehicles, but later revised down the projection to around 79,000 cars. The actual deliveries did not miss the target by much and were expected by most analysts. For the second quarter of 2016, for example, Tesla’s sales missed targets by 15 percent.

The EV maker’s deliveries announcement came on the same day on which Ford Motor Company said it was canceling plans to build a new $1.6-billion plant in Mexico, and would invest $700 million to expand its Flat Rock, Michigan, factory that would build high-tech autonomous and electric vehicles along with the Mustang and Lincoln Continental.

Related: The Companies That Lead The Recovery In The U.S. Oil Patch

The expansion will create 700 direct new jobs, Ford said, in what may be seen as a timely nod to incoming President Donald Trump who had criticized Ford’s plans to build a new factory in Mexico. Ford has not scrapped the plans for a new Mexico plant because of Trump being elected president, but because of lower demand for small cars in North America, Ford CEO Mark Fields has said, Reuters reports.

Last month, President-elect Trump appointed Tesla’s CEO Elon Musk to his Strategic and Policy Forum and despite Trump’s stance on fossil fuels, electric vehicles manufacturing, especially Tesla’s, are creating jobs in America and supporting and boosting what Trump called the “incredible innovation” of the domestic tech industry.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News