Tesla shares declined 5.5% on Tuesday after the company said Monday it reached its goal to produce 5,000 Model 3 cars during the last week of the June quarter, as the tide among several Wall Street firms drifts toward skepticism about the company.
Tesla fell short of Wall Street expectations that it would deliver 51,000 vehicles in the quarter by delivering 40,740, reports CNBC. Tesla shares had declined 2.3% on Monday following the announcement. The company's shares are up 8% on the year through Monday.
Elon Musk, Tesla's chief executive, remained upbeat about the company's prospects to become "a real car company," he said in an email to employees obtained by Bloomberg News.