Production plans for the long-awaited-for-some Tesla Model 3 have been pushed back once again.
Tesla said this in a release.
“As we continue to focus on quality and efficiency rather than simply pushing for the highest possible volume in the shortest period of time, we expect to have a slightly more gradual ramp through Q1, likely ending the quarter at a weekly rate of about 2,500 Model 3 vehicles.
“We intend to achieve the 5,000 per week milestone by the end of Q2.”
Last year, Tesla expected to be producing 5000 units a week during the first quarter. This target has now been pushed back to the second quarter, resulting in a 2% drop in stock prices.
Despite this news, Tesla explains how it’s made ‘major progress’ in addressing the production bottlenecks that the firm blames for the slow production of the Model 3. Although this doesn’t seem to be helping much, as extrapolated data released by the company still shows that they’re producing just over 1000 units per week, when Elon Musk stated that Tesla would be producing units ‘in the thousands’ but the end of last year.
Of the 24,565 vehicles delivered towards the end of the year, 2,425 were Model 3s which will be included as deliveries competed in Q1 2018.
While investors are still focusing on this disappointing news, Tesla did in fact beat its 2017 overall delivery target of 100,000, delivering a total of 101,315 during the year.