Investors Hammer Tesla as Model 3 Production Hits "Bottlenecks"
04 October, 2017, 00:08 | Author: Lorena Waters
Tesla had hoped to produce 1,500 Tesla Model 3 sedans in September, but unfortunately Tesla missed its target.
The electric sedan already has over four lakh bookings from all over the world and delay in production will essentially see a new booking getting delivery of the Model 3 only by late 2019. "Although the vast majority of production subsystems in the factory in California and Nevada Gigafactory can operate with higher load, commissioning some of them took longer than expected". Tesla emphasized that there are "no fundamental issues with the Model 3 production or supply chain".
Tesla has a lot riding on the Model 3, which could be its most popular model if it can make its delivery schedule.
The automakersaid 4,820 Model S and X vehicles were in transit to customers at the end of the third quarter and would be counted with its fourth-quarter figures.
Tesla's mixed results were announced hours after a senior General Motors executive revealed that the USA giant had laid out plans to go "all electric".
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The low number of Model 3s in Q3 suggest that the production process has not gone quite so smoothly, an issue that Musk will no doubt have to address in the next investor meeting. Previously it said the two model lines would likely exceed first half deliveries of 47,077, but said it now expects to exceed that by "several thousand vehicles".
This summer, the company said it planned to build 1,500 Model 3cars in the third quarter, but it fell far short of that goal, hurt by production bottlenecks.
Production on the highly touted vehicle was expected to expand from 100 cars in August to 1,500 in September, and plateau to 20,000 per month in December. The Model 3's price ranges from $35,000 to near $60,000, before rebates. Demand for the Model 3 has been strong, with Tesla estimated to have notched over 450k reservations for the vehicle, with current waiting periods estimated at between 12 to 18 months. Considering growing competition, Tesla even announced massive discount for its expensive models.
A successful roll-out of the Model 3 is vital for Tesla's future. The truck doesn't appear to bear a Tesla logo, but the headlights and the profile look on point. The numbers reduced Tesla's second quarter loss by almost $165 million. It shows a modern looking truck which is quite similar to the teaser image Tesla had released in April.
For now, Tesla's first "mass market EV" remains a scarce commodity.
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