Tesla cuts annual sales targets after struggle to maintain steady flow of parts

Shares in Tesla Motors Inc fell in extended trading after the electric-car manufacturer cut its full-year vehicle sales forecast.

Tesla said it now aims to deliver between 50,000 and 55,000 vehicles this year, compared with a previous target of 55,000. The company sees third-quarter production and deliveries of just more than 12,000 vehicles including just a few Model X sport utility vehicles.

Reaching the initial target may be a stretch because some interior suppliers might not be able to increase the flow of high-quality parts fast enough to meet the Model X production plan, Chief Executive Officer Elon Musk told a conference call with analysts.