Tesla also said it only delivered 63,000 vehicles in the quarter, down 31% from 2018′s fourth quarter. This man is a total wildcard and has surprised us many times before like he did with his flamethrower.
Tesla attributed the slowdown to challenges associated with taking the Model 3 to China for the first time.
Tesla's stock price sank more than 9% in after-hours trading leading into Thursday's session.
Elon Musk has made a name for himself as the man who co-founded PayPal, revolutionised the electric auto engine, and a guy who sold flamethrowers commercially. The SEC, however, argued that there was no "pre-approved written communication" that said Tesla would produce 500,000 vehicles by the end of 2019.
Musk seems to be in on the joke, posting a link to Rolling Stone's coverage on his Twitter account with the words: "Making The Onion articles real...", referring to the popular United States satirical news website. The tweet is the subject of the contempt hearing because Musk is required to obtain preapproval for any market-moving messages.
At the end of February, the SEC alleged in a federal filing that Musk had violated a previous settlement with the agency when he tweeted about Tesla's 2019 production targets.
Erratic Tesla CEO Elon Musk just released a rap song paying tribute to a dead gorilla.
"The now clear incongruence of CEO outlook statements with official company guidance may hurt the perception of management commentary, eroding investor confidence and potentially placing additional pressure on the shares".
But, confronted with this delivery shortfall and a decline in ASPs, Musk now expects Q1 net income to be "negatively impacted".
Delivering its Model 3 to worldwide markets posed new challenges for Tesla.
A NY judge has urged the U.S. Securities and Exchange Commission and Tesla CEO Elon Musk to settle a dispute over what he may disclose in his tweets. Tesla also has a considerable amount of cash tied up in inventory and the approximately 10,000 vehicles in transit to customers.