Tesla fails to meet Model 3 targets again after slow production

06 January, 2018, 01:45 | Author: Rolando Keller
  • A new Model 3 in front of Tesla's Fremont California assembly plant

Tesla shares are sliding ahead of Thursday's opening bell, down 5.44% at $300, after the company reported fourth-quarter Model 3 deliveries that missed estimates by a mile. Previously, Tesla was hoping to reach the 5,000/per week rate by the end of March.

Tesla shares closed lower for a second consecutive trading session on Thursday.

However, it said it made "major progress" in addressing the issues during the period, meaning its production rate grew significantly towards the end of the three month period and it has made as numerous vehicles in the weeks since Dec 9 as it did in the four months previously.

Tesla shares recouped some of their losses on Thursday after falling as much as 3.6 per cent, a day after it pushed back a production target for its much-anticipated Model 3 sedan yet again. As we've talked about before, Jonas' approach to monitoring Tesla reminds us of a parole officer who falls in love with their parolee. These include the construction of new factories, the buildup of the solar and battery business, and the introduction of new models, such as the Tesla Semi, Roadster and Model Y. In the entire fourth quarter of previous year. At some later point this year, Tesla said earlier, it should ramp up production to 10,000 Model 3s weekly.

Tesla is burning billions in cash as it struggles to achieve its vision of mass-market electric cars powered by Tesla-brand solar roofs through Tesla-brand home storage batteries.

In a release on Wednesday afternoon, the company run by billionaire entrepreneur Elon Musk said it plans to hit a milestone of making 5,000 Model 3 vehicles per week by the end of the second quarter of this year. The highly automated assembly line for the Model 3 means any technical problems slow assembly dramatically.

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Nonetheless, Tesla reported that it delivered 1,550 Model 3s in Q4 2017.

While investors certainly won't look at another Model 3 production delay favorably, they may at the very least find solace in the fact that interest in the Model S and Model X is higher than it's ever been.

Tesla announced delivery and production numbers for the fourth quarter of 2017 on Wednesday.

For the entire past year, the shares of the NASDAQ-listed electric auto maker rose 45.70% following a 10.97% slump in 2016.

Customers who pre-ordered a Model 3 will have to keep on waiting. Tesla said it was its "all-time best quarter" for combined Model S and Model X deliveries. The company said it made significant progress on speeding up manufacturing of the sedan late last month, producing 793 units in the last seven working days.

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