Tesla sinks after missing Model 3 deliveries by a mile (TSLA)

Tesla now expects to achieve a weekly production rate of around 2,500 Model 3 vehicles by the end of the first quarter

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. Of the 2,425 Model 3 vehicles produced in the fourth quarter, 793 of them (or almost 33%) were made in the last seven working days of the quarter, according to Tesla. Instead, the firm is now saying it'll be making 2500 Model 3s a week by the end of this quarter, hitting the 5000 mark by the end of Q2.

Slow production could affect the number of Model 3 buyers who receive the $7,500 federal electric vehicle tax credit, and it is unclear whether this may drive away buyers, said Cowen analyst Jeffrey Osborne. This is the second time Tesla has punted on its 5,000-per-week milestone.

Tesla said it reduced production of its Model S and Model X in the fourth quarter to put more of its workers on the Model 3. And with production targets for that auto being relaxed again, they could be waiting even longer. The company has also said that welding processes and final assembly tasks at its auto factory in Fremont, Calif., were moving more slowly than expected. 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", said Krebs.

Tesla delivered 29,870 vehicles in the fourth quarter, a 27% increase over the same quarter in 2016 and 9% more than the third quarter.

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Tesla delivered 47,077 vehicles in the first half of 2017, 26,150 vehicles in Q3, and now this new record in Q4, Tesla has now delivered over 100,000 vehicles in 2017.

Tesla shares are sliding ahead of Thursday's opening bell, down 5.44% at $300, after the company reported fourth-quarter Model 3 deliveries that missed estimates by a mile.

They ended up delivering 15,200 Model S vehicles and 13,120 Model X vehicles. Yet in the same period, 63,000 were cancelled, Elon Musk said during Tesla's quarterly conference call in July-a figure he saw as insignificant as it happened over 12 months.

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