Tesla Misses Model 3 Delivery Estimates for Q4

Tesla Model 3

"As a result of the significant growth in our production rate, we made as many Model 3s since December 9 as we did in the more than four months of Model 3 production up to that point", Tesla said in a statement.

Tesla also stressed that they have been on the grind and noted that they have made "major progress" in terms of their widely criticized production bottlenecks which is the main reason for the failed delivery marks they have a year ago.

On the back of these revelations, shares in Tesla fell by 1.7 per cent to $312 in after-market trading.

According to Chief Financial Officer Deepak Ahuja, the company's cash flow is to "improve significantly" during the upcoming several quarters, since Model 3 production ramp-up continues. The company expects to hit a rate of 2,500 Model 3s per week at the end of the first quarter. The 5,000 weekly target is now seen to be achieved by mid-2018.

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Tesla shares were down more than 1% following the news. That speaks to a 27 percent expansion over a similar quarter in 2016 for the two models joined, and a 9 percent increment over Q3 2017, Tesla's past best quarter, the organization said.

The Drive editor-at-large Alex Roy and the car's owner, Daniel Zorrilla, drove a Tesla Model 3 across country from Los Angeles to New York City in 50 hours, 16 minutes and 32 seconds, setting another Cannonball Run record for an electric vehicle.

Tesla confirmed that it had "slightly reduced" its Model S and Model X production rates to redirect resources toward solving the production bottlenecks that had bedeviled the Model 3 in the second half of the year.

Tesla said it delivered 101,312 Model S and Model X vehicles in 2017, a 33 percent increase from the year before.

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More than 400,000 people have put down $1,000 deposits for the right to order a $35,000-and-up Model 3, whose success many analysts say is critical to Tesla's survival as a mass-market manufacturer.

Musk and Tesla CTO JB Straubel have been spending much of their time working on getting the Gigafactory to produce battery packs more quickly in an automated fashion. During the last week of December, the company said, it made 793 Model 3s.

It isn't easy to bring a new vehicle to market, but this isn't some radical departure from either automotive norms or Tesla's own capabilities. Looking ahead, Munster believes that Tesla may be able to boost Model 3 production in 2018 to 150,000 units. Cowen's Osborne wrote in a report to clients Wednesday that the carmaker may need to raise more capital again in the next three to six months. Osborne said in a phone interview.

Deliveries of the Model 3 are now "accelerating rapidly" to non-employee buyers, Tesla said, adding that "we're confident our customers will love them".

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