It seems Tesla is doing just fine selling very pricey cars in a market that appears to be relatively soft along the upper end. First, the company delivered more vehicles than it produced for the first time in almost two years. The company did not say whether those production forecasts remain on track.
The company is working to resolve these production issues. About 4,820 Model S and Model X vehicles were also in transit during the third quarter, and they will be counted toward the total deliveries in Q4 2017.
Tesla delivered its first Model 3 cars in July.
In its second-quarter financial report, Tesla said it expects "to achieve a rate of 5,000 Model 3 vehicles per week by the end of 2017".
Tesla only made 260 Model 3 sedans in the third quarter when it was hoping for 1,500 in September alone.
Production on the highly touted vehicle was expected to expand from 100 cars in August to 1,500 in September, and plateau to 20,000 per month in December.
"Most auto launches have hiccups, and Tesla is no exception", Adam Jonas, an analyst at Morgan Stanley, said in a note to clients.
The stock fell about 1 percent to $337.93 in after-hours trading. Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at high rate, a handful have taken longer to activate than expected. The company has around 450,000 preorders for the vehicle, and ordering a new Model 3 today would likely come with a delivery date of late 2018.
The bad news concerns the Model 3, Tesla's cheaper vehicle launched in July.
Tesla announced its quarterly production numbers yesterday and the news is mixed.
Contributing to a total of 26,150, the firm delivered 14,065 Model S and 11,865 Model X units against Baird's respective estimates of 15,000 and 10,800.
While deliveries of Tesla's premium vehicles, the Model X and Model S, came in at all-time highs of 25,930 over Q3, year-over-year growth was muted at just 4.5%.
That's not the case, though.
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