Why Tesla Model 3 production seems a little low

Tesla Model 3 Production Is 84% Lower Than What Elon Musk Promised

But it's the production and deliveries of the Model 3 that hold the greatest interest for investors, and were sending shares of Tesla down more than one per cent after the market's close. Shares fell less than 2 percent in after-hours trading, according to Google Finance. Tesla's press release acknowledged the shortfall was due to a few systems at its California production plant and its battery Gigafactory in Nevada, which "have taken longer to activate than expected". Total deliveries put the company on pace to exceed its full-year guidance, yet production of the electric-car maker's important Model 3 was behind schedule.

Tesla says it is confident of addressing the manufacturing bottlenecks that have hampered production of its competitively-priced Model 3 electric auto.

A maverick startup company founder, Elon Musk has been in the habit of making grand promises for what his various outfits - Tesla, SpaceX and Hyperloop among them - can do in the future.

Tesla had hoped to produce 1,500 Tesla Model 3 sedans in September, but unfortunately Tesla missed its target. At the high end, the Model 3 goes for $59,000.

Tesla said it delivered 220 Model 3 cars in the quarter. This makes the least expensive Model S the 75D, which is a dual-motor all-wheel drive vehicle that costs $5,000 more ($74,500) than the discontinued Model S. While the vehicle was only expected to represent a fraction of Tesla's total revenue in Q3, the automaker expects the lower-priced vehicle's production to soar in the coming quarters.

The company also boosted its full-year expectations for the Model S and Model X, saying it now expects to deliver more than 100,000 of those vehicles. The company has around 450,000 preorders for the vehicle, and ordering a new Model 3 today would likely come with a delivery date of late 2018.

Although X deliveries have improved throughout 2017, the Model 3 was supposed to enjoy some of the fruits of that learning process. This was a worthy tactic to try to end the month and the quarter with a bang and another push to pull customers away from the Model 3.

Tesla struggled to produce its cheapest model shortly after the vehicle debuted, setting back Chief Executive Officer Elon Musk's mission to reach mainstream consumers.

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