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Tesla shares skid as Model 3 production hits rough patch
Source: Reuters
#BUSINESS NEWS OCTOBER 3, 2017 / 8:03 AM / UPDATED 2 HOURS AGO
Tesla shares skid as Model 3 production hits rough patch
Supantha Mukherjee
2 MIN READ
(Reuters) - Shares in Tesla Inc fell 2.5 percent on Tuesday after the luxury electric vehicle maker said the planned ramp-up of its Model 3 mass-market sedan faced production bottlenecks.
The moves also followed a series of announcements by rival General Motors on its own electric car ambitions, which included a promise to take “bold steps” toward the first completely driverless vehicles.
Tesla, which warned when it launched the Model 3 in July that production would be “hell”, has so far delivered just 220 of those sedans and produced 260 during the quarter.
The production of 260 Model 3 sedans in the quarter was far below the 1,500 target and Tesla’s production goal of 5,000 a week by end of this year 2017 is at risk, Cowen and Co analysts wrote in a research note on Monday.
-snip-
Tesla shares skid as Model 3 production hits rough patch
Supantha Mukherjee
2 MIN READ
(Reuters) - Shares in Tesla Inc fell 2.5 percent on Tuesday after the luxury electric vehicle maker said the planned ramp-up of its Model 3 mass-market sedan faced production bottlenecks.
The moves also followed a series of announcements by rival General Motors on its own electric car ambitions, which included a promise to take “bold steps” toward the first completely driverless vehicles.
Tesla, which warned when it launched the Model 3 in July that production would be “hell”, has so far delivered just 220 of those sedans and produced 260 during the quarter.
The production of 260 Model 3 sedans in the quarter was far below the 1,500 target and Tesla’s production goal of 5,000 a week by end of this year 2017 is at risk, Cowen and Co analysts wrote in a research note on Monday.
-snip-
Read more: http://www.reuters.com/article/us-tesla-production-shares/tesla-shares-skid-as-model-3-production-hits-rough-patch-idUSKCN1C81AF
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