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War With Iran Could Send Oil To $250

War With Iran Could Send Oil To $250

As tensions between Iran and…

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

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