#EV Stock News: Tesla ($TSLA) Q3 2017 Vehicle Deliveries and Production

#EV Stock News: Tesla ($TSLA) Q3 2017 Vehicle Deliveries and Production

As we previously mentioned, it looks like the "friend non-disclosure agreement" that appeared to prevent more in-depth first looks at the early production cars is slowly starting to lift.

Tesla has said that by some point in the fourth quarter, it expects Model 3 production to reach a rate of 5,000 units per week, helping the company begin making a dent in its 455,000 Model 3 reservations (as of last count).

In a note to investors Monday, Tesla blamed "production bottlenecks" but offered no details.

The Model 3 is Tesla's attempt to enter the mainstream. The company now expects to deliver about 100,000 Model S and X vehicles in 2017, up 31% compared to deliveries in 2016.

According to Tesla's production and delivery report for Q3 2017, the company delivered a total of 26,150, which comprises 14,065 Model S, 11,865 Model X, and 220 Model 3 vehicles. That implied an increase of 44 times the average weekly production rate of the third-quarter - based on the old guidance, that is. "They need to get it right, no to be too blunt", he says.

On Monday, the stock fell about $6 a share on brisk volume but has recovered some of that loss in morning trading Tuesday.

This, it added, made Q3 its all-time best quarter in deliveries to customers, marking a 4.5pc increase on the previous year.

Tesla has a lot riding on the Model 3, which could be its most popular model if it can make its delivery schedule. He predicted that the company's shares would fall about 40 percent in six months, to $210.

Certain statements herein, including statements regarding future deliveries of Model S and Model X and production of Model 3, are "forward-looking statements" that are subject to risks and uncertainties.

"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 press release reads. "Making cars is not an easy business, and they're finding that out". The first batch of cars, which start at US$35,000, were delivered to Tesla employees. As per the numbers, the EV maker shipped a total of 220 Model 3 cars and produced 260 of them in the third-quarter.