Tesla pushes back production targets for Model 3

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In a letter to investors, the company said it expects to be able to produce 5,000 Model 3 vehicles per week by late in the first quarter of next year.

The demand for the Model 3 is certainly there, so any delay in ramping up production is costing them money in cash flow terms.

"Tesla is learning what traditional automakers have long known — mass vehicle assembly is complicated and expensive", said Michelle Krebs, a senior analyst at Autotrader.com.

Tesla Inc (TSLA.O) on Wednesday pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was hard to predict how long it would take to fix all production bottlenecks.

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Tesla said it will cut production for the Model S and Model X to channel more resources toward the Model 3. It had planned to build more than 1,500. Its revenue totaled $2.51 billion down -6.84% from the previous quarter. The problems could also worry the over 500,000 customers who have put down a refundable deposit on the vehicle. The shares have risen 45 percent since the start of this year.

FILE PHOTO: A Tesla charging station is seen in Salt Lake City, Utah, U.S. on September 28, 2017.

Musk previously acknowledged the difficulty in beginning manufacturing of the Model 3, saying that the process is highly automated and that Tesla is intent on revolutionizing automotive production and not following standard industry practices. Tesla said net orders for those vehicles hit a record level in the third quarter, setting the stage for record deliveries in the fourth quarter. It also spent $325 million to repay a credit facility in the quarter.

Tesla said in its third-quarter earnings letter that it will produce 5,000 Model 3 sedans per week by the end of the first quarter in 2018. Korea Investment CORP's holdings in Tesla were worth $11,971,000 at the end of the most recent reporting period.

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Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

Revenue rose 30 percent to $2.98 billion. Finally, Vetr upgraded shares of Tesla from a strong sell rating to a sell rating and set a $320.97 price objective for the company in a research note on Friday, October 13th. Tesla has a 12-month low of $178.19 and a 12-month high of $389.61.

Tesla said that Model S and Model X are on pace for about 100,000 deliveries in 2017, an increase of 30 percent compared to 2016.

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