Tesla Model 3 Production Falls Short in Third Quarter

Electric-car maker Tesla (NASDAQ: TSLA) reported vehicle delivery and production figures yesterday, and while the company posted a quarterly record in total deliveries, it also fell far short of its goals for Model 3 production. Tesla delivered a total of 26,150 vehicles, including 14,065 Model S sedans, 11,865 Model X SUVs, and 220 Model 3 vehicles. That represents year-over-year growth of 4.5%, and sequential growth of 18%.

There were 4,820 vehicles in transit at the end of the quarter, and production in the third quarter totaled 25,336, including just 260 Model 3s. That's well below the approximately 1,600 Model 3s that CEO Elon Musk previously expected the company to produce during the quarter. In July, Musk tweeted that Tesla should be able to produce 100 Model 3s in August and 1,500 in September (after delivering 30 in July), before reaching a monthly production rate of 20,000 in December.

Looks like we can reach 20,000 Model 3 cars per month in Dec

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Source: Fool.com