Tesla Just Announced The Latest Model 3 Production Delay

By almost every metric Tesla massively missed its super-aggressive production target of its Model 3 for the final quarter of 2017

News of the production line failing to meet Elon Musk's goal hit Wall Street, with Tesla losing 2.7 percent of its stock value in hours. During the company's third quarter, Tesla manufactured 260 Model 3s.

Despite making "major progress" addressing Model 3 production bottlenecks, the company has pushed back its target of producing 5,000 Model 3 sedans per week to the end of the second quarter. But production of the Model 3 was slowed by manufacturing glitches at Tesla's giant battery plant in Nevada, known as the Gigafactory.

The electric-car maker said on Wednesday that production of the new vehicle, the Model 3, in the final quarter of 2017 was far behind what its chief executive, Elon Musk, forecast when it went into production six months ago.

"As we continue to focus on quality and efficiency rather than simply pushing for the highest possible volume in the shortest period of time", read the trading note.

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. We intend to achieve the 5,000 per week milestone by the end of Q2.

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Tesla released their fourth quarter and full year 2017 delivery and production results today after market close.

Analysts have again expressed concern over whether Tesla can secure the gross margins on the cars it is aiming for, whether customers will still want the auto, and how slower production rates affect the company's other capital-intensive ambitions. Tesla thinks you just might be, so now it's launching a web-based version of its trip planning tool, which was previously only available to Tesla owners via the in-car navigation system. "That the Model 3 is moving slowly isn't a surprise". This was once again our all-time best quarter for combined Model S and X deliveries, representing a 27% increase over Q4 2016, and a 9% increase over Q3 2017, our previous best quarter.

They ended up delivering 15,200 Model S vehicles and 13,120 Model X vehicles.

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

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