Tesla Model 3 deliveries lower than expected because of ‘production bottlenecks’
In the quarter, 25,336 vehicles were produced and 260 were Model 3s
By Angelica LaVito and Phil LeBeau
Ramping up production of its new Model 3, has been more challenging than Tesla expected. The automaker delivered just 220 of its new entry level electric car in the third quarter, well below what analysts were expecting.
Overall, Tesla delivered 26,130 vehicles in the third quarter, up 4.5 per cent from the same time last year.
Of the total, 14,065 were Model S, 11,865 were Model X, and 220 were Model 3.
The company said it expects to deliver about 100,000 Model S and X vehicles in 2017. That would represent a 31 per cent increase over last year.
But it’s the production and deliveries of the Model 3 that hold the greatest interest for investors, and were sending shares of Tesla down more than one per cent after the market’s close.