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Tesla stock dips after missing delivery target

Workers assemble cars on the line at Tesla's factory in Fremont.
David Butow | Corbis | Getty Images
Workers assemble cars on the line at Tesla's factory in Fremont.

Tesla Motors stock fell 1 percent Tuesday after the electric vehicle maker reported lower-than-anticipated deliveries for the second quarter.

The automobile company produced more than 18,000 vehicles, but was only able to deliver about 14,370 of them, due to an "extreme production ramp up" and a number of custom-ordered vehicles still being shipped from the previous quarter.

Tesla said it expects to produce and deliver 50,000 vehicles in the second half of the year, almost equal to all of 2015.

Tesla's shares have dropped 23 percent over the past year.

Tesla 12-month performance: