Tesla Inc. missed its 1,500 Model 3 car production goal for the third-quarter on a report in a press release last Monday. The automaker company only delivered 220 model 3 cars out of 260 produced, far from the projected goal for September.
CEO Elon Musk tweeted that Tesla should be producing 100 Model 3 in the month of August and above 1,500 in the next month. Ramping up the sales up to 500,000 Model 3 in the year 2018, said Musk.
The behind schedule was due to production bottleneck. The Tesla Model 3 is the first mainstream vehicle starting at $35,000 and is projecting to sell-out 20,000 cars by the end of the year.
“Model 3 production was less than anticipated due to production bottlenecks, Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at a high rate, a handful have taken longer to activate than expected.” stated in an investor report.
Tesla added that there are “no fundamental issues with the Model 3 production or supply chain.”
The highly anticipated car of the year is a big blow for the 500,000 people on the waiting list to get the Model 3 who will probably have to wait until at least mid-2018 for delivery of the vehicle.
“This is just one quarter, but if production misses continue into the fourth quarter and even beyond, Tesla will be in a much more precarious position since their future largely relies on the Model 3 being a success,” Akshay Anand, an analyst at Kelley Blue Book said.
The electric car maker is confident in ramping up the sales by the end of the year and has high hopes of recovering from the issue.
