Buyers who took advantage of Tesla’s $2 billion stock buyback program have been less likely than buyers who did not to return those funds, according a new analysis by Bloomberg.
The data is based on the annual returns of roughly 10,000 Tesla owners, a group that includes some who bought shares after the company reported its first quarter results.
It is a snapshot of Tesla investors, not a snapshot on the company’s performance.
The data showed the average return of Tesla customers who received a cash payment was 12.3%, a figure that fell to 10.7% for those who did the same with a loan, and 10.4% for people who did both.
The returns were similar for the 10,500 Tesla owners who did business with the company after the $2.5 billion stock purchase program ended.
The average return for those not involved with Tesla was 5.8%.
In a letter to Tesla investors last month, the Securities and Exchange Commission warned that some investors have “lost faith in Tesla and are not buying” because of a lack of returns.
Tesla shares dropped more than 4% to $204.94 on Tuesday on the Nasdaq.
The company has faced criticism for not meeting some of its sales targets, including a $1 billion discount to customers who took out Tesla loans, an increase in the number of customers who have returned their funds and a drop in the price of the Model 3.
Tesla, in response, said in April it would raise its monthly sales targets by 10% to 12,000 cars and 400,000 units per month by 2019.