Tesla Outlines The Main Issue Affecting Q2 Deliveries

Tesla TSLA reported Q2 deliveries up 53% year over year at 22,000 vehicles.

According to the press release, "The major factor affecting Tesla’s Q2 deliveries was a severe production shortfall of 100 kWh battery packs, which are made using new technologies on new production lines. The technology challenge grows exponentially with energy density. Until early June, production averaged about 40% below demand. Once this was resolved, June orders and deliveries were strong, ranking as one of the best in Tesla history."

Shares of Tesla are finished down 2.5 percent at $352.62 following the July 3rd shortened trading session.