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Tesla stock drops 8.4 percent in premarket trading

Tesla's stock slid in premarket trading Thursday as the electric car maker's fourth-quarter performance was stung by delayed shipments and a stronger dollar. TSLA shares dropped $17.80, or 8.4 percent, to $195 in premarket trading about two hours before the market open. Yesterday, Tesla reported an adjusted loss of 13 cents per share and adjusted revenue of $1.1 billion. This fell short of the forecasts of analysts polled by FactSet, who were looking for a profit of 30 cents per share on revenue of $1.23 billion. Tesla said that during the period there was a delay in shipments of its new all-wheel-drive Model S sedan. The Palo Alto, California, company said it held back shipments of its new all-wheel-drive version of the Model S sedan – which was launched in November – to make sure it would meet customers' expectations. While it was able to make up production later in the quarter, it was unable to ship about 1,400 vehicles in December. Brad Erickson of Pacific Crest Securities said in a client note that "the delivery shortfall does raise execution concerns." But the analyst said that Tesla is growing more than 60 percent this year and may grow 80 percent to 90 percent next year, so he doesn't believe the current valuation represents the company's longer-term opportunity. Erickson kept an "Outperform" rating. The AP contributed to this report.

California working to land second Tesla Gigafactory [UPDATE]

UPDATE: The story's been updated to include a response from Tesla. California's film industry has long been big on sequels. Now, the state's government is hoping for a bit of a re-do when it comes to Tesla Motors' future battery production. Whether it happens and if it'll be a big-budget affair remains to be seen. California can supply a "highly-educated" labor force as well as abundant green energy. Some of the state's Congressional leaders have gotten together to contact Elon Musk about being first in line for the site of a potential second Gigafactory, which would likely bring thousands of jobs and substantial economic impact to Tesla's home state, the Silicon Valley Business Journal reports. The leaders are touting the state's skilled workforce and quality of life to Musk. According to a letter from Raul Ruiz (D-Palm Desert) posted on Scribd, California can supply a "highly-educated" labor force as well as abundant green energy, which plays big with the environmentally-minded Musk. "Our focus is on the Gigafactory in Nevada," Tesla spokeswoman Alexis Georgeson wrote in an e-mail to AutoblogGreen. "However, we continue to consider development of future Gigafactory sites in other states to begin at a later date." Earlier this month, Tesla announced that Nevada won the proverbial sweepstakes for the first Gigafactory, in part by providing about $1.3 billion in various financial incentives. Nevada beat out Arizona, Texas, New Mexico and, of course, California, for the factory. Maybe the Golden State will be able to strike back with number two.

VW Financial Woes Continue, Tesla Model X Dazzles | Autoblog Minute

Volkswagen Group continues to experience backlash from the diesel emissions scandal, while Tesla revealed its Model X, a fully electric luxury crossover. Tesla Volkswagen Electric Autoblog Minute Videos Original Video