Dallas, Texas 05/09/2014 (FINANCIALSTRENDS) – Tesla Motors Inc (NASDAQ:TSLA) reported that its vehicle deliveries in the last quarter fell behind the highest analyst projections amidst constraints of its battery supplies. In Thursday’s trading, the company’s shares dropped 11.30% to $ 178.59. The company said that its supplies of lithium-ion batteries that are utilized to power the company’s Model-S sedans will now be very tight until the 2H 2014. Through Wednesday the shares had added 34% this year. Quarterly deliveries climbed to 6,457 cars from around 4,900 in the same period of the previous year. While that had topped the average analyst projections, it was still less than the highest -forecast for 6,600.
The company is now scouting for sites for its plant that big enough to cut the battery costs by 30 percent & Panasonic, the company’s main supplier of the battery cells, has now signed its letter of intent to join its “gigafactory” project, said the company. They are actually very comfortable that they are heading towards the final agreement towards the latter part of the year, said the company’ Tesla’s chief technology officer, said JB Straubel.
The ground-breaking could also start even as early as June, said the CEO, Elon Musk. Tesla Motors Inc (NASDAQ:TSLA) said that Arizona & Nevada & New Mexico and Texas are the possible factory-sites & that it will also break ground in at least 2 states. California is now being looked at as one more another option, even though the selection is quite “improbable,” said Musk. While Panasonic will now be the one and only cell-supplier at this factory, Tesla might buy cells from the other suppliers, said Musk, without actually elaborating. Chieko Gyobu, the Panasonic spokeswoman has confirmed a letter-of-intent via e-mail. Gyobu said that they are talking to Tesla Motors Inc (NASDAQ:TSLA) about joining this gigafactory.