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April 29, 2019 4:00 PM, EDT

Tesla’s Key Inventory Figure Tops $2 Billion for First Time

Tesla Odin Jaeger/Bloomberg News

The value of Tesla Inc.’s finished goods inventory, which includes vehicles available for sale, exceeded $2 billion for the first time as the Model 3 sedan began overseas deliveries.

The $2.15 billion in finished goods inventory Tesla carried as of the end of March was up 36% from the end of last year and up 91% from a year ago. In a regulatory filing, the company attributed the increase on the longer time it takes to deliver Model 3s outside North America.

Tesla’s filing April 29 and a letter to shareholders last week also have offered details on why Model S and X deliveries dropped off in the first quarter. The company said there was a mismatch between the variants that were ordered and the types of models it manufactured, and the imbalance was caused in part by its price adjustments in the quarter.

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The carmaker also has blamed seasonality, demand being pulled ahead into the end of 2018 before a U.S. tax incentive shrank and its move to discontinue the entry-level battery versions of the two vehicles.