Tesla misses delivery estimates for second quarter as shares fall 15% this year

Tesla Inc. posted one of its worst sales quarters in years, missing Wall Street’s expectations, as the carmaker struggles to turn around its core business and navigate an increasingly challenged electric-vehicle market.

The company delivered 358,023 vehicles worldwide in the first quarter, according to a statement Thursday. Analysts anticipated 372,160 on average among estimates compiled by Bloomberg, a figure that steadily dropped in recent weeks. It’s the second consecutive quarter that Tesla has fallen short of projections.

Deliveries still managed to rise 6.3% from a year earlier, when the carmaker paused Model Y production at plants around the globe and dealt with a consumer backlash against Chief Executive Officer Elon Musk.

Investors have mostly been willing to overlook Tesla’s sales trend as Musk has refocused around the futuristic business lines of artificial intelligence, autonomous vehicles and robotics. Still, the traditional car business remains the primary cash generator for the Austin-based company, making it crucial that Tesla finds traction even as US electric-vehicle demand wavers.

Tesla shares fell 3.6% as of 9:01 a.m. before regular trading in New York, extending declines amid a broad market slump. The stock declined 15% this year through Wednesday’s close and has fallen 22% from a record high in December.