Tesla Inc Again Misses Delivery Goals, This Time For Model 3

04 October, 2017, 00:29 | Author: Gladys Mathis
  • Elon Musk Powerpack pladge

Tesla just reported their Q3 Vehicle Deliveries and Production results for the Model S, Model X, and Model 3.

Tesla Model 3 was first delivered to customers on July 28 and Musk had tweeted that by September the company will deliver 1600 cars.

"It is important to emphasise that there are no fundamental issues with the Model 3 production or supply chain", the company said.

Tesla's shares fell several per cent in early morning trading Tuesday. "Although the vast majority of production subsystems in the factory in California and Nevada Gigafactory can operate with higher load, commissioning some of them took longer than expected".

Tesla says it is confident of addressing the manufacturing bottlenecks that have hampered production of its competitively-priced Model 3 electric auto. Tesla has disrupted the global auto industry with its stylish electric cars, but it now faces growing competition from the likes of Daimler AG, Volkswagen AG and General Motors Co. "A recall on the Model 3 could be catastrophic". Tesla's high-priced crossover, the Model X, went into production in late 2015, long after originally promised and had a slower-than-expected roll out. Musk plans to eventually build 20,000 cars per month - Tesla will have to ramp up production dramatically if it hopes to hit the December mark.

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Further, Tesla said it is on track to meet its target of delivering around 100,000 Model S and Model X cars this year. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

By 2018, Tesla says it will make 500,000 of all of its cars combined per year - up from the almost 80,000 it made last year. Tesla was aiming to produce more than 1,600 units of the Model 3 by September this year as it gradually ramps up production to fill hundreds of thousands of orders. This was a worthy tactic to try to end the month and the quarter with a bang and another push to pull customers away from the Model 3.

Looking ahead, Tesla seems confident it will be able to fix its Model 3 production constraints.

"Eight weeks ago, Tesla said they would make 1,500 cars in the quarter".

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