Tesla Stock Tumbles After Quarterly Report Shows Fewer Than Expected Sales

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Paul Sancya / AP

Tesla Motors Inc. reported fewer than expected sales of its luxury electric cars in the third quarter, sending its stock price plunging 11%—representing a loss of more than $2 billion in market capitalization—in after-hours trading.

Tesla reported higher than expected earnings, but said it delivered about 5,500 of its flagship Model S. Brian Johnson, an auto analyst at Barclays Plc, told Bloomberg he expected 5,820 Model S sales.

The stock, which has risen more than 500% this year, closed Tuesday at $176.81 a share, but the price was down to $156.80 at 5:45 p.m.

[Bloomberg]

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