Tesla Posting Steep Loss After Q4 Deliveries Miss Estimate

(RTTNews) - Shares of Tesla, Inc. (TSLA) have climbed off their worst levels of the day but continue to see considerable weakness in afternoon trading on Wednesday. Tesla is currently down by 6.4 percent.

The steep drop by Tesla comes after the electric car maker reported fourth quarter deliveries of 90,700 vehicles, up 8 percent from the third quarter but below analyst estimates for about 92,000.

Tesla also said it is reducing the price of Model S, Model X and Model 3 vehicles in the U.S. by $2,000 to partially absorb a reduction of the federal tax credit for electric vehicles.