Tesla gives wishy-washy outlook for Model 3 production issues

Tesla Model 3 misses targets dramatically amid rough Q3

One such vehicle is the Model X and the other is the Model S.

"While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it hard to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear", the company said in a letter to investors.

Money-losing Tesla's long-term viability depends on the Model 3, its new sedan that starts at $35,000, about half the price of its flagship Model S.

"We continue to make progress resolving early bottlenecks related to these issues, and there remain no fundamental problems with our supply chain or any of our production processes", Tesla said in the letter.

Model 3 production delays mean postponed sales could exacerbate the company's cash burn, which Tesla estimated at $1 billion in the upcoming quarter.

Nomura restated their buy rating on shares of Tesla Inc.

Tesla's negative free cash flow expanded to -$1.4 billion, more than analysts' forecast for -$1.2 billion.

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Tesla reported a wider-than-expected third-quarter loss, the largest in its history. However Tesla plans to produce about 10 percent fewer cars of both models in the fourth quarter as more resources shift toward Model 3.

In Q3, we delivered the 250,000th Tesla.

Tesla's continued need for cash is exacerbated by Musk's insistence on vertical integration, such as making its own batteries and selling cars directly to customers.

Tesla posted a net loss of $619.4 million, or $3.70 per share, for the third quarter ended September 30 compared with a profit of $21.9 million, or 14 cents per share, a year earlier. Shares of far larger automaker General Motors have climbed about 23 percent, while Ford shares are up almost 2 percent. But the company produced just 220 Model 3s in the third quarter, far less than the 1,500 Musk promised.

There were reports last month that people on the waiting list were selling their US$1,000 reservations for as much as US$4,000 as new buyers looked for ways to jump the queue.

The company released the official results today delivering on revenue of ~$2.9 billion and missed on earnings with a loss of $3.70 per share (GAAP). Installations of its energy-storage units rose 138% year-on-year in the third quarter, driven by the Powerwall.