Tesla shares fell as much as 3.6 per cent to US$305.68, the biggest intraday drop in five weeks. Of the 2,425 Model 3 vehicles produced in the fourth quarter, 793 of them (or almost 33%) were made in the last seven working days of the quarter, according to Tesla. As we've talked about before, Jonas' approach to monitoring Tesla reminds us of a parole officer who falls in love with their parolee.
Tesla's luxury Model S sedans and Model X SUVs regularly require fixes before they can leave the factory and quality checks have routinely revealed defects in almost all of these models inspected after assembly, Reuters reported in November, citing sources. Even though Tesla executives promised that things would be different with the Model 3, Tesla this week revealed that it was once again pushing back its production schedule for the Model 3. "We have them hovering about $1 billion in cash".
Initially, Tesla planned to roll out 5,000 Model 3s weekly by the end of the fourth quarter of 2017. So was Jonas rending garments when Tesla announced that instead of making 5,000 Model 3s every week, the company made 1,550 apparently bespoke Model 3s in three months?
The company said it delivered a total of 29,870 vehicles in the fourth quarter, including 15,200 Model S and 13,120 Model X cars. And factoring the Model 3 out of the equation, Tesla notes that Model S and Model X deliveries alone grew by 33%.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc's stock price, have a median target of $310.00, with a high estimate of $500.00 and a low estimate of $155.00.
Tesla Model 3s are popping up for rent with some pretty 'premium' prices
Still, it was able to complete the cross-country journey in just 50 hours, using $100 to charge their Model 3 in that time.
"Tesla has really lofty goals for automation", said Tasha Keeney, an analyst at ARK Investment Management, which holds Tesla shares.
"We're also very appreciative of our Model 3 customers, who continue to stick by us while patiently waiting for their cars". Investors, on the other hand, will probably focus on the company's cash flow and the potential effect, which production delays may cause on its performance.
The company said it has made "major progress" toward eliminating Model 3 production bottlenecks.
In a letter sent out by the Californian carmaker, it says it delivered 1,550 of its new vehicle in the final three months of 2017 - 2,550 fewer than predicted.
Powerball, Mega Millions jackpots top a combined $800 million
Lottery players have a chance at winning two giant jackpots this week that together amount to more than $800 million. Meanwhile, the Powerball jackpot for Wednesday's drawing is an estimated $440 million.