Tesla shares are crashing.
On Thursday morning, shares of the electric carmaker were down more than 7% after reporting earnings that disappointed on Wednesday after the market close.
Tesla reported a loss per share of $US0.13 against expectations for a profit of $US0.32 per share in the fourth quarter, while the most disappointing number was its vehicle deliveries.
In the fourth quarter, Tesla delivered 9,834 vehicles, less than the 11,200 it expected to deliver as the company produced nearly 12,000 cars during the quarter.
On the company’s conference call the company said it will spend a “staggering” amount of money on capital expenditures.
On the call, Tesla also addressed reports regarding low sales volumes in China, with Musk saying on the company’s conference call that it hasn’t “executed super well” in China.