Well, we now know why we had persistent weakness in Tesla’s stock. Here’s the latest on production numbers from the model 3:
The electric-car maker said Monday that it produced 260 Model 3 sedans and delivered 220 of the cars in the third quarter, after holding a launch event for the car at the end of July that included the delivery of the first few cars to employees. Chief Executive Elon Musk has said that he expected Tesla to produce 100 Model 3 cars in August and ramp up to 1,500 in September, with plans to produce 5,000 Model 3 cars a week by the end of the year.
“Model 3 production was less than anticipated due to production bottlenecks,” the company said in its announcement Monday. “Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at high rate, a handful have taken longer to activate than expected.” READ MORE
On the “Production Bottleneck” news, the stock is down 1.62% in the after-hours session, basically right back down to today’s low. $335.51, to be exact, was today’s low and we may slice right through it tomorrow judging by the late action. The stock likely has a date with the 200 day moving average at this point. See below:
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