Tesla Hits Low End Of Q4 Shipment Goal, Shares Crash

Tesla Motors Inc TSLA hit the low end of its Q4 goal to deliver at an estimated 50,000-52,000 vehicles for the year, with shipments totaling 17,400 in Q4.

Tesla slid 8.7 percent to $219.65 on Monday morning.

Tesla had delivered 50,580 Model X sport utility vehicles and Model S sedans in 2015, according to a statement released Sunday. The company initially had a projection noted in a February letter to shareholders, that it fell within the range of its revised estimate of 50,000 to 52,000 from November.

The maker of electric cars and energy storage devices guidance had changed during the past year. Tesla has faced challenges with having to manufacture more than one vehicle and a steep production timeframe.

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CEO Elon Musk has been upfront from the beginning regarding Tesla's Model X challenges of engineering and manufacturing the SUV.

"Model X deliveries are in line with the very early stages of our Model X production ramp as we prioritize quality above all else," Tesla said in the statement. "Based on the daily production rate in the last week of the year, weekly output would be about 238 SUVs", the company said.

The company's fourth-quarter deliveries were almost at a low end of the company's initial forecasted range. The company expected to ship 17,000 to 19,000 vehicles, according to its November letter to shareholders.

Tesla's shares rose 7.9 percent in 2015, closing at $240.01 on December 31. The company has a market capitalization of $30.5 billion.