Second quarter deliveries of these two vehicles are expected to exceed first quarter deliveries by several thousand vehicles, Tesla said. The machinery to build the cars wasn't even installed until this spring. Tesla predicted annual production would climb over the next few years to more than 500,000 vehicles. 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. The stock still performed better as investors are confident about stronger sales number for Model 3.
In August, Tesla Chief Executive Elon Musk said the company planned to produce 1,500 Model 3 cars in September alone and ramp up to 20,000 cars per month in December.
Tesla's third quarter Model 3 delivery miss is further evidence the electric car maker will have difficulties ramping up manufacturing for the vehicle, according to a top Wall Street firm. That implied an increase of 44 times the average weekly production rate of the third-quarter - based on the old guidance, that is. During a May financial call, Musk said he hoped for "5,000 vehicles per week at some point in 2017, and".
In after-market trading, Tesla shares fell more than 1% to US$337.84.
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%.
Tesla also emphasized there are "no fundamental issues" with the Model 3 production or supply chain.
Musk has previously talked of Tesla production goals as being aspirational, and noting that even simple things, such as a delay in parts delivery, can have outsize consequences on production. The total figure included 14,065 units of the Model S and 11,865 of the Model X.
"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 said in a statement to CNBC. "Making cars is not an easy business, and they're finding that out".
Tesla did not respond to a questions about a new production target.
But Tesla only built 260 and delivered 220 Model 3s for the quarter ending September 30.
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