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Investors Hammer Tesla as Model 3 Production Hits “Bottlenecks”

Overall 3Q production sets record.

by on Oct.03, 2017

Tesla's CEO Elon Musk reported the company is having some production issues, or bottlenecks, with its new Model 3.

Tesla sales hit an all-time record during the third quarter, but what caught the eye of nervous investors was the severe shortfall in production of the company’s critical new Model 3 battery sedan.

All told, Tesla delivered 26,150 vehicles during the July to September quarter. But that included just 260 of the new Model 3 sedans, well below the 1,500 Tesla had originally forecast due to what the automaker described as “production bottlenecks.”

Product News!

Investors responded to the news by driving down Tesla shares by as much as 2% Tuesday morning. It didn’t help that Tesla has gotten yet another poor review from Wall Street. Researchers at Cowen and Co. on Monday warned that Tesla stock is likely to “underperform.” (more…)