Published: Sun, January 07, 2018
Markets | By Erika Turner

Tesla's Model 3 Story Is Getting Old

Tesla's Model 3 Story Is Getting Old

Of the 2,425 Model 3 vehicles produced in the fourth quarter, 793 of them (or almost 33%) were made in the last seven working days of the quarter, according to Tesla. As expected, Model S and Model X production was down in the quarter to make room for the Model 3. At some later point this year, Tesla said earlier, it should ramp up production to 10,000 Model 3s weekly.

"We're also very appreciative of our Model 3 customers, who continue to stick by us while patiently waiting for their cars". We intend to achieve the 5,000 per week milestone by the end of Q2.

In a trading update to investors, Tesla said it made almost 25,000 vehicles - including its highly-acclaimed Model X SUV - but suffered from workforce and inventory issues. And with production targets for that auto being relaxed again, they could be waiting even longer.

Traders will now turn their attention to the the company's fourth-quarter results, which are due out on February 21.

"The Model 3 must be right in terms of quality".

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In addition, Tesla's other capital-intensive plans, such as factory construction, may have to be pushed back to 2019 on account of the slower production ramp, he said.

PALO ALTO, Calif., Jan. 03, 2018 (GLOBE NEWSWIRE) - In Q4, Tesla delivered 29,870 vehicles, of which 15,200 were Model S, 13,120 were Model X, and 1,550 were Model 3.

It's a simplified version of what Tesla auto owners get in-vehicle, but it's plenty useful for either giving a broad tea of what taking a road trip in one of Tesla's electric vehicles would look like in practical terms, and it's also a good way to get an understanding of what Tesla's expansion of its Destination Charger and Supercharger network means for potential vehicle ownership. And factoring the Model 3 out of the equation, Tesla notes that Model S and Model X deliveries alone grew by 33%.

Days before the trading update hit investors, Musk reached out to Model 3 customers on Twitter to thank them for standing by the company while they sorted out efficiency issues.

Tesla's first mass-market offering keeps encountering roadblocks.

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