Rise in Third Quarter Deliveries of Tesla, but Model 3 Encounters "Bottleneck"

Rise in Third Quarter Deliveries of Tesla, but Model 3 Encounters

Rise in Third Quarter Deliveries of Tesla, but Model 3 Encounters "Bottleneck"

October 3, 2017 (Investorideas.com Newswire) In Q3, Tesla delivered 26,150 vehicles, of which 14,065 were Model S, 11,865 were Model X, and 220 were Model 3.

Tesla Inc (NASDAQ:TSLA) on Monday posted record deliveries of its electric vehicles for the third quarter and updated its delivery guidance for the second half of the year.

In a statement, Tesla said that it is significant to emphasize that there are no fundamental problems with the production of Model 3 or the supply chain. Tesla stock dropped 1.7 percent in after-hours trading. In a statement to the BBC, the company revealed that while their California auto plant and our Nevada Gigafactory were able to operate at a high rate, a handful of other factories took longer to activate than they expected. He criticized the vagueness of Tesla's disclosure about its manufacturing issues and said the company's production goals for the end of the year are "at risk". The company isn't really selling the vehicle to the general public at this point.

When Tesla CEO Elon Musk launched the Model 3 auto in July, he had suggested that the company will deliver 1600 cars.

September was supposed to be the Model 3's big month.

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Despite the good news, Tesla failed to meet its production expectations for the Model 3.

Early versions of the Model S and the Roadster also faced criticism for having various issues, which were smoothed out in later iterations of the cars.

Model 3 only started production in July and orders have topped 450,000 vehicles, he said. The statement goes further to say that Tesla is working to resolve production issues.

Tesla delivered only 220 Model 3s during the fourth quarter, a number well below the 1,300 that analysts surveyed by FactSet expected on average.

Tesla clearly thought ahead on the Model 3. While the vehicle was only expected to represent a fraction of Tesla's total revenue in Q3, the automaker expects the lower-priced vehicle's production to soar in the coming quarters. Who really knows - likely not even Musk - when Tesla will be able to hit that exponential Model 3 production ramp. While GM has built 130 self-driving Chevrolet Bolt electric vehicles, all Tesla cars produced since October past year have included self-driving technology.

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