Tesla has announced its biggest quarterly loss to date, sending shares down nearly 5% after hours after falling 3% in normal trade. One reason for the weak numbers was Tesla struggling to launch its first mainstream battery-electric vehicle, the Model 3.
According to a report on Autoblog, the company has pushed back its target for volume production on its Model 3 sedan by about three months. It now "expects to build 5,000 Model 3s per week by late in the first quarter of 2018 from its original target date of December."
Further reports state that the sluggish rollout of the Model 3 hasn’t been due to a lack of demand. Paul A. Eisenstein, writing on NBC News, says Tesla has more than 400,000 advance reservations, but has been struggling to boost production after falling into what CEO Elon Musk has dubbed “production hell.”
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