Remember: Tesla Missed Q1 Delivery Numbers Last Month

There’s no question that Tesla Motors Inc TSLA has had a huge 2016 from a PR perspective. The company received a ton of positive media exposure surrounding the unveiling of the Model 3.

Tesla’s stock has also reacted positively to the unexpected market enthusiasm for the Model 3, trading up more than 31 percent in the past three months.

However, with Tesla set to roll out its Q1 earnings after the market close on Wednesday, it’s important to remember that the Model 3 won’t begin shipping until at least late 2017. In the meantime, Tesla must rely on its current fleet of electric vehicles to bridge the gap.

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Last month, amid the Model 3 frenzy, Tesla quietly reported that it delivered 14,820 vehicles in Q1, short of its 16,000 guidance. Not only did Tesla miss its target, the weak Q1 delivery number casts major doubt on the company’s full-year deliveries guidance of 80,000 to 90,000 vehicles.

For now, Tesla is sticking to its guns and says it “remains on track” to meet the 80,000 to 90,000 2016 guidance, but investors will be watching closely for any change to these projections in the Q1 earnings commentary.

Tesla blamed the Q1 delivery shortfall on Model X supplier parts shortages.

Disclosure: the author holds no position in the stocks mentioned.