Tesla shares sink as auto deliveries drop

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Musk had himself an eventful weekend on Twitter, as he was busy tweeting about Duck emojis and Tesla's semi-automatic trucks in between the release of his new ape-inspired rap track.

These are the tweets the SEC says are in violation of Musk's agreement not to tweet about materials which could impact Tesla shareholders without permission.

Now it's all coming to a court hearing to see if Musk will be fined or worse: removed as CEO of his electric vehicle company.

Deliveries were approximately 63,000 vehicles, which was 110% more than the same quarter past year, but 31% less than last quarter.

Tesla Inc deliveries fell 31 percent in its first quarter as the electric vehicle maker struggled with its first shipments of the Model 3 sedan to Europe and China due to longer transit times.

In a step further toward fully autonomous driving, Tesla cars will now be able to change lanes on their own-without any input from the driver.

Tesla also reaffirmed its previous guidance of 360,000 to 400,000 vehicle deliveries in 2019. A few hours later, he backtracked slightly, saying he meant Tesla would be manufacturing about 125,000 cars per quarter by the end of this year, a pace that would translate into 500,000 vehicles annually.

Of the 63,000 cars it delivered in Q1, the majority were Model 3s, Tesla's most affordable electric vehicle which costs $35,000.

Tesla delivered 50,900 Model 3s in the quarter, falling short of analysts' estimates of 58,900, according to IBES data from Refinitiv.

Tesla's debut of a long-promised US$35,000 version of the Model 3 during the quarter was overshadowed by announcements of significant cost cuts Musk said were necessary for the company to be able to offer the auto at that price point. Per the terms of the October settlement Tesla is required to review Musk's tweets containing information pertinent to investors prior to posting on his personal account.

"We have to understand that Tesla is at a very important point in its history, and I don't think any judge would want to be viewed in hindsight as the cause of the demise of Tesla", he said. Musk's privatization plan was at best in an early stage, however, and financing was not in place.