Tesla Model 3 Production Falls Short Of Targets In Q3

The car, which is half the price of Tesla's previous models, is critical for the company's goal of moving from a niche manufacturer of luxury cars to a mainstream automaker. Tesla predicted annual production would climb over the next few years to more than 500,000 vehicles.

Tesla's electric truck is expected to have a range of 200 to 300 miles. A vehicle this different from the run of the mill isn't about to jam off the assembly line with too much speed. He mentioned that production will be ramped up "exponentially" and that the company should produce 100 units in August and above 1,500 Model 3 units in September.

"We had previously indicated that second-half Model S and X deliveries would likely exceed first-half deliveries of 47,077, but we now expect to exceed that by several thousand vehicles", Tesla said in a press release. That was consistent with Tesla's second-quarter financial report, which projected the company would "achieve a rate of 5,000 Model 3 vehicles per week by the end of 2017", and hit 10,000 per week in 2018. The stock has increased by 60% since the start of 2017 through the close of business on Monday.

The Tesla Model 3 is facing a delivery setback due to 'bottlenecks' in the production process, according to the brand.

"Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at high rate, a handful have taken longer to activate than expected", the company said in a statement. The Model 3 was hailed for its affordable base price of $35,000, as well as its semi-autonomous driving features and sleek styling.

Back in July, Musk tweeted that the Model 3 has passed all regulatory requirements ahead of schedule. But Tesla only managed to make 260 example of the all new Model 3, which began production in July.

Jonas believes Tesla when it says it can fix the bottlenecks. "Making cars is not an easy business, and they're finding that out".

While Model 3 may have disappointed, Tesla reported a 17.7-percent sequential increase and 4.5-percent year-over-year increase in combined Model S and Model X deliveries, representing the segments' best quarterly performances.

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