Tesla shares sink as Model 3 production sputters

Though it is not the first time Tesla failed to reach its production goals, it does come as a surprise.

But despite its issues in rolling out the Model 3, Tesla also reported what it said was the best quarter ever for deliveries of its other vehicles: a 4.5 percent year-over-year increase in third-quarter deliveries of the Model S and X. The company delivered 26,150 vehicles in all: 14,065 of its Model S sedan, 11,865 of its Model X crossover SUV and the 220 Model 3s.

In a press release, the company added that numbers were good as ever for its luxury vehicles. Tesla predicted annual production would climb over the next few years to more than 500,000 vehicles. The company hopes to have 20 fully electric cars by 2023.

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Tesla said it expects to deliver about 100,000 Model S and X vehicles in 2017, which would be a 31 percent increase over 2016. "The company did not provide any further update for deliveries by year-end for the Model 3 specifically".

"It is important to emphasize that there are no fundamental issues with the Model 3 production or supply chain", Tesla explained. Alongside the Model S and Model X vehicles delivered, approximately 4,820 were in transit at the end of the quarter. "We understand what needs to be fixed and we are confident of addressing the manufacturing bottleneck issues in the near-term", Tesla noted.

Only 260 of the sedans were produced in the third quarter due to "production bottlenecks", the company said, failing to meet founder and CEO Elon Musk's expectations of 1,500 Model 3's delivered by September. 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.

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In after-market trading, Tesla shares fell more than 1% to US$337.84.

Jonas believes Tesla when it says it can fix the bottlenecks. It began its production of Model 3 during July that starts at a price of $35,000, which is half the Model S starting price. "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", Tesla said in its statement. Deliveries were 17.7% higher than last quarter.

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