Photo/Zhang Xiaoqing

Jan. 4 (NBD) -- Stock of electric car manufacturer Tesla closed down 6.81 percent on Wednesday (U.S. time) over lower-than-expected car deliveries for the fourth quarter of last year and mounting worries about its future profitability.

According to the carmaker's announcement released on the same day, the company produced and delivered at the rate of nearly 1,000 vehicles per day, setting new company records for both production and deliveries.

Production for the quarter grew to 86,555 cars, 8 percent more than its prior all-time high in the third quarter of 2018. Full-quarter deliveries soared 203.65 percent from a year ago to 90,700 cars, but fell shy of the anticipated target of 92,000 cars, which was made based on the fact that Tesla has been out of the "production hell" and become the first electric car maker in the U.S. market that has crossed the 200,000-unit mark in deliveries. 

Sales of the Model 3 electric sedan for the last three months of last year stood at 63,150 cars, below the estimate of 64,900 units. 

Also, Tesla slightly missed its goal of delivering a combined total of 100,000 Model S and Model X vehicles throughout the whole year of 2018. 

On Wednesday, the California-based carmaker said it cut prices for its entire vehicle lineup in the U.S. market. The move was to help make up for the phasing out of federal tax incentives for its vehicles, beginning this year. 

But in the eyes of some analysts, the across-the-board price cut signaled weaker demand in the country and would probably undermine nascent profitability. 

Actually, Tesla did a good job, outselling Mercedes-Benz and BMW in the U.S. by a wide margin, Zeng Zhiling, managing director of LMC Automotive Consulting (Shanghai) Co Ltd, said to the 21st Century Business Herald. 

However, the market is more worried about Tesla's future, as German car brand Porsche has grabbed a lot of orders from the U.S. carmaker. What's more, electric car startups in China are getting on the right track and gaining more recognition among consumers. In this case, how long Tesla can stay ahead of the curve remains unknown, Zeng added. 

In Zeng's view, the 2,000-U.S. dollar price cut on all models will increase Tesla's financial stress as the company hasn't developed a stable source of profits, though the expanded production and sales will somehow offset the impact. 

Cao He, president of a Beijing-based investment management firm, held that the Chinese market will become a growth engine for Tesla with the construction of its gigafactory in Shanghai.  

However, data from the China Passenger Car Association showed that following a 37 percent sales slip in China in the third quarter of last year, Tesla saw its deliveries for October 2018 plummet by 70 percent year over year to 211 units. 

Wedbush Securities analyst Dan Ives believed China would become a "major growth catalyst" for the carmaker on the heels of its recent price cuts in the country, CNBC reported. 

As BMW, Mercedes-Benz and other giants are also tapping into China's new-energy vehicle sector for growth, Tesla has to enrich its product portfolio in the country in accordance with preferences of Chinese consumers, Cao pointed out.  

Email: lansuying@nbd.com.cn