Tesla Misses 2Q Sales Target

Tesla Motors Inc. reports it sold 14,400 electric cars in April-June, falling short of its 17,000-unit target for the period.

But the company says it has nearly 5,200 EVs on their way to customers who have already ordered them. It blames a delivery backup on an “extreme” production ramp-up that shifted half of total second-quarter output into June.

Tesla expects sales in the second half of 2016 will total about 50,000 units. That would indicate full-year sales will come in at the low end of the company’s 80,000-90,000 goal.

The company aims to add the lower-priced Model S electric late next year. Tesla has set an extremely ambitious goal of reaching annual output of 500,000 cars by 2018 at its factory in California.