Tesla will start producing 2,500 Model 3s weekly by the end of the first quarter of the year, the company said in yet another update that disappointed thousands of people who have preordered the vehicle as well as investors, sending its shares down by 2 percent after hours. Instead, the firm is now saying it'll be making 2500 Model 3s a week by the end of this quarter, hitting the 5000 mark by the end of Q2. Specifically, Tesla is now aiming to manufacture 5,000 Model 3 units per week by the end of June. "But we rather suspect that the materially missed launch cadence could be the result of too optimistic assumptions on the company's part as regards the ease of manufacturing the Model 3". Previously, Tesla was hoping to reach the 5,000/per week rate by the end of March. In the entire fourth quarter of past year.
Tesla produced more vehicles than in previous quarters. And with production targets for that vehicle being relaxed again, they could be waiting even longer. "The company has now said it is focused on quality versus volume, which is the right focus". As for production, the company says that it achieved a production rate in the last few days of 2017 that translates to "over 1,000 Model 3's per week".
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In addition, Tesla's other capital-intensive plans, such as factory construction, may have to be pushed back to 2019 on account of the slower production ramp, he said.
Tesla delivered 47,077 vehicles in the first half of 2017, 26,150 vehicles in Q3, and now this new record in Q4, Tesla has now delivered over 100,000 vehicles in 2017.
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Tesla announced Wednesday it delivered 101,312 Model S and Model X cars in 2017, a 33 percent rise over its 2016 figures.
The company said another 2,520 Model S and X vehicles and 860 Model 3 vehicles were in transit to customers at the end of the quarter.
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Tesla Inc.'s (TSLA) delivery of its new Model 3 electric auto fleet fell short of Wall Street's estimates in the fourth quarter and reported production issues have clouded public opinion of the company's newest sedan. These will be counted as deliveries in Q1 2018.