undergroundnewsroom.com February 24, 2018

Tesla falls short on Model 3 production

04 October 2017, 12:33 | Gordon Grant

Tesla said it would produce 1500 Model 3s in the third quarter — but it only made 260

Tesla Model 3 Production Is 84% Lower Than What Elon Musk Promised

Musk has previously predicted much higher deliveries for the Model 3 sedan by the end of the year.

"Let's face that the Model 3 is actually sort of a beta test right now", short-seller Jim Chanos, who's betting against Tesla shares, said on Bloomberg Television last week.

Model 3. Image source: Tesla.

It is important to emphasize that there are no fundamental issues with the Model 3 production or supply chain.

The company conceded in a note to investors on Tuesday that Model 3 production was "less than anticipated due to production bottlenecks". Further, the EV maker said that it is aware of what needs to be fixed, and are confident of resolving the issues in the near-term. It would have been nice to hear what the current production rate is and perhaps a new forecast for the production ramp. Relax, people - Elon has got this.

The two automakers are also racing to take a lead in making driverless cars. At the high end, the Model 3 goes for $59,000.

Musk and his employees know they have a hard task ahead of him.

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"Most auto launches have hiccups, and Tesla is no exception", Jonas said. To facilitate the lower price, Tesla's plan is to lower costs by producing lithium batteries at the Gigafactory that will be used in the cars. Tesla Motors blamed the delay on production bottlenecks.

The moves also followed a series of announcements by rival General Motors on its own electric auto ambitions, which included a promise to take "bold steps" towards the first completely driverless vehicles. A little over half of those were Model S sedans; the rest were Model X SUVs and the handful of Model 3s.

If you are now waiting for your Model 3 to arrive, you're in a bit of a tough spot.

It appears the company couldn't escape the manufacturing complexity entirely. However, this year at least, Tesla is falling behind on Model 3 production. That included 22,026 cars combined in the second quarter.

Tesla reported that they expect to deliver around 100,000 Model S and Model X vehicles in the full year of 2017.

That sounds reasonable unless you remember that Tesla has said that it will deliver 500,000 vehicles in 2018, and with production seemingly capped at around 100,000 for Model S and Model X, the bulk of that has to be Model 3.

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