Tesla Says Delivered 26150 Vehicles In Q3

Tesla says world's largest battery installation is halfway done

By 2018, Tesla says it will make 500,000 of all of its cars combined per year - up from the almost 80,000 it made last year.

The company attributed that to "production bottlenecks", but says there are no "fundamental issues with the Model 3 production or supply chain". The company noted that a handful of manufacturing subsystems at its Fremont, Calif., factory and its Nevada battery plant have taken longer to activate than expected.

"Model 3 production was less than anticipated due to production bottlenecks", Tesla said in a statement.

We have no way of knowing how many cars were ordered, but it's assumed that there were a decent amount of people taking advantage of the least expensive way to get the automaker's flagship vehicle, while also securing free lifetime unlimited Supercharging.

Musk handed over the first 30 Model 3 electric cars to Tesla employees at a splashy event July 28. Even after its launch, Tesla still missed production goals and misses its overall 2016 goal as well. Still, he said he expected 500,000 Model 3s to be delivered every year after 2018, and he projected just 50,000 deliveries in 2018 as production ramped up.

"But you guys know this; you're veterans".

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On Friday, Tesla and SpaceX CEO Elon Musk said that the company was halfway done building the battery bank that will become the world's biggest battery once it's complete.

Early versions of the Model S and the Roadster also faced criticism for having various issues, which were smoothed out in later iterations of the cars.

The automaker said 4,820 Model S and X vehicles were in transit to customers at the end of the third quarter and would be counted with its fourth-quarter figures.

But in July, Tesla had anticipated producing about 1,500 Model 3s in September alone, before ramping up to 5,000 per month by December. Tesla's recent purchase of solar panel manufacturer SolarCity could put the company in a position to offer solar fields, as well.

Certain statements herein, including statements regarding future deliveries of Model S and Model X and production of Model 3, are "forward-looking statements" that are subject to risks and uncertainties. Given that the newest vehicle is supposed to be the crown jewel for Tesla at this point, investors might really start worrying about looming reservation cancellations and increased competition. Model S sedan and Model X crossover deliveries climbed to a record for any quarter, and the company said it'll exceed first-half deliveries by several thousand vehicles in the last six months of the year.

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