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Tesla blames missing delivery target on 'hubris'

Tesla Motors on Monday reminded customers that the company sells cars other than the Model 3, and sometimes the company finds it tough to meet the expectations of the buyers.

On Monday, the electric car maker announced that it delivered 14,820 luxury vehicles in the first quarter of 2016, falling short of the expected 16,000 deliveries. The tally includes 12,420 Model S sedans and 2,400 Model X SUVs.

Tesla Motors stocks fell about 3% in after-hours trading, after several days of gains tied to the frenzy of the Model 3 release.

The company has taken about 300,000 reservations on its Model 3 sedan, which will have a starting price of about $35,000, since pre-sales began Thursday. Tesla CEO Elon Musk had tweeted on Saturday that the company must come up with a new plant in Europe to meet the rising demand. Musk added that the company would focus on accelerating the manufacturing process for the new vehicle.

Tesla on Monday admitted that first-quarter deliveries of the S and X were slowed by shortages of parts caused by "Tesla's hubris." It is expected that the company would deliver between 80,000 and 90,000 vehicles this year.