Economy

Tesla Reports New Setback for Model 3, With Output Lagging

Tesla Reports New Setback for Model 3, With Output Lagging

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. Now, the company says it expects to be producing 2,500 Model 3s weekly in the first quarter 2018, and 5,000 weekly by the end of June. But production of the Model 3 was slowed by manufacturing glitches at Tesla's giant battery plant in Nevada, known as the Gigafactory. Previously, Tesla was hoping to reach the 5,000/per week rate by the end of March.

Tesla had said the Model 3 was designed for quicker production than the more complicated Model X.

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 vehicle, and how slower production rates affect the company's other capital-intensive ambitions. The company has also said that welding processes and final assembly tasks at its vehicle factory in Fremont, Calif., were moving more slowly than expected.

"Perhaps the issues that have significantly hobbled the Model 3 ramp really can be fixed in a cost-effective manner and shortly cycled past (although this did not happen in 4Q)", Brinkman said.

More news: Salah named 2017 African player of the year

In a trading update to investors, Tesla said it made almost 25,000 vehicles - including its highly-acclaimed Model X SUV - but suffered from workforce and inventory issues.

It's a simplified version of what Tesla auto owners get in-vehicle, but it's plenty useful for either giving a broad tea of what taking a road trip in one of Tesla's electric vehicles would look like in practical terms, and it's also a good way to get an understanding of what Tesla's expansion of its Destination Charger and Supercharger network means for potential vehicle ownership. Tesla reported it delivered 101,312 Model S and X vehicles in 2017, a 33% increase over 2016.

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

The Model 3 notwithstanding, Tesla did manage to enjoy a successful quarter overall; the company delivered more than 29,800 vehicles over the past three months, setting an all-time quarterly record in the process.


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