Shocker: Tesla Misses Model 3 Goals; Delays Production Again
Goal reduced from 5,000 to 2,500 for Q1 2018 productionby Mark McNabb, on
Tesla is no stranger to production woes as both the original Model S and the trendy Model X experienced major delays early on, so it comes as no surprise the automaker announced the budget-friendly Model 3’s production volume won’t be ramping up to the 5,000-unit-per-week goal until the second quarter of 2018. That goal was originally set for December of 2017, but production delays sacked those plans. Despite the delays, Tesla still delivered 1,550 Model 3s in Q4 of 2017.
Continue reading for more on Tesla’s production woes.
What This Means For Model 3 Customers
Tesla reportedly had nearly 500,000 preorders for the Model 3, which starts at $35,000 before options
First and foremost, many customers who have placed reservations and paid down payments will wait longer before receiving their car. Tesla reportedly had nearly 500,000 preorders for the Model 3, which starts at $35,000 before options. While deliveries are being made, the rate pales in comparison to the 5,000-unit-per-week flow Tesla originally planned.
Secondly, the delays don’t do Tesla any favors on the stock market. Its share price fell from $324.81 on Wednesday, January 3 at 10 a. m. to $308.59 by 10:30 a.m. the next day. Investors are happy to see stock prices resurge to $315.41 at the time of this writing, just the way Tesla’s stock always rebounds after production delays are announced.
Despite the delays, Tesla still delivered 1,550 Model 3s in Q4 of 2017.
That’s the interesting thing about Tesla. It seems that, no matter what happens or how severe situations get, investors remain positive and stock prices retain their general upward trend. In fact, at this time last year, Tesla’s stock prices were only $226.99 per share.
The stock prices are not the only indicator of Tesla’s overall growth. The Automaker officially surpassed delivering over 100,000 vehicles globally in 2017, an increase of 33 percent over 2016, according to The Verge.
Read our full review on the 2018 Tesla Model 3.
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