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Tesla has bad news if you're waiting for a Model 3
02 November 2017, 12:24 | Kenneth Drake
The interior of the new Polestar 1 Volvo
The niche carmaker has made inroads among luxury vehicle buyers with the advanced technology and innovative design in its Model S sedan and Model X SUV.
"While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it hard to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear", Tesla said in its statement.
In July, as Tesla delivered the first batch of Model 3's to employees, Musk admitted the company went through "production hell" to bring all three of its cars to market.
Tesla was already facing backlash from its shareholders over production of the Model 3, which is the first vehicle that's priced more for the average consumer at $35,000.
The electric automaker has stumbled since it released the first 30 Model 3 vehicles at the end of July with ambitious plans to scale up its operations to pump out the "affordable" electric sedans to compete with much larger, more traditional auto companies. Investors' faith in him has been a large reason for Tesla stock's outperformance this year, which is up 50% so far this year.
FILE PHOTO: A Tesla charging station is seen in Salt Lake City, Utah, U.S. on September 28, 2017. It churned out just 260, Tesla said earlier this month.
Tesla's soaring stock has made the company the second-most valuable US automaker behind General Motors Co (GM.N), which had annual net profit of $9.4 billion in 2016.
The company said it has a cash balance of $3.5 billion entering the fourth quarter. The company says it will produce 10 percent fewer Model S and X vehicles to reallocate resources to the Model 3.
Meanwhile, the production ramp-up has been expensive, pushing Tesla to its worst-ever quarterly loss in the third quarter, at $619 million.
Musk previously acknowledged the difficulty in beginning manufacturing of the Model 3, saying that the process is highly automated and that Tesla is intent on revolutionizing automotive production and not following standard industry practices. Excluding items, the company lost $2.92 per share. That's far below the 1,500 Tesla was hoping to have delivered by this time. The company had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.50 billion. Installations of its energy-storage units rose 138% year-on-year in the third quarter, driven by the Powerwall.
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