Tesla shares fall on sales miss

Logistics issues: Model Y cars are pictured at the Tesla Gigafactory for electric cars in Gruenheide, Germany. The firm’s difficulties mean it is unlikely to achieve full-year delivery growth of 50% this year, even with production hitting that mark. — Reuters

NEW YORK: Tesla Inc has reported sales that fell short of Wall Street estimates, citing delivery and production bottlenecks, and prompting Elon Musk to assure investors that demand for his company’s cars remains strong.

Getting cars onto ships and trucks proved especially costly and troublesome in the latest quarter, as much of the electric-vehicle (EV) maker’s output was concentrated in the final weeks of the period.