News of the production line failing to meet Elon Musk's goal hit Wall Street, with Tesla losing 2.7 percent of its stock value in hours.
Tesla will start producing 2,500 Model 3s weekly by the end of the first quarter of the year, the company said in yet another update that disappointed thousands of people who have preordered the vehicle as well as investors, sending its shares down by 2 percent after hours.
Additionally, 2,520 Model S and X vehicles and 860 Model 3 vehicles were in transit to customers at the end of the quarter, according to the company. "Looks like we can reach 20,000 Model 3 cars per month in Dec", Musk tweeted back in January.
Tesla said it will have a more gradual ramp through the first quarter "to focus on quality and efficiency rather than simply pushing for the highest possible volume in the shortest period of time". For the fourth quarter, Tesla reported 29,870 cars delivered.
"We're also very appreciative of our Model 3 customers, who continue to stick by us while patiently waiting for their cars".
Although charging points are becoming more commonplace, buying an electric vehicle still brings some uncertainty with regard to how far and where you'll be able to travel. And with production targets for that auto being relaxed again, they could be waiting even longer. As for production, the company says that it achieved a production rate in the last few days of 2017 that translates to "over 1,000 Model 3's per week". "Ramping up production levels with a flawed product is foolish".
Tesla is expected to release its earnings report for the quarter and for 2017 in the coming weeks, which will give more insight into the company's vitals and what kind of delivery record it hopes to hit in 2018.
It's a simplified version of what Tesla auto owners get in-vehicle, but it's plenty useful for either giving a broad tea of what taking a road trip in one of Tesla's electric vehicles would look like in practical terms, and it's also a good way to get an understanding of what Tesla's expansion of its Destination Charger and Supercharger network means for potential vehicle ownership.
It's time to end Pakistan's double game, says former U.S. envoy
The meeting, which lasted almost three hours, was brought forward by a day and followed an earlier meeting of army generals. The White House said it would likely announce actions to pressure Pakistan within days.