The niche carmaker has made inroads among luxury vehicle buyers with the advanced technology and innovative design in its Model S sedan and Model X SUV.
"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", Tesla said in a statement.
The wait to get Tesla's highly anticipated Model 3 electric auto just got even longer.
Tesla said there are no issues with its supply chain.
"We believe the Model 3 ramp is one to two months behind schedule, but are not concerned as TSLA successfully ramped production of the Model S and Model X, which are more complicated vehicles, and we are confident TSLA will achieve its production targets over the intermediate term", declared Ben Kallo, an analyst at Baird.
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The company has previously projected that it would be producing 20,000 Model 3 cars a month by the end of the year, so it will be interesting to see whether the company sticks by that guidance when it releases its third quarter results after the bell on Wednesday. Can increased its holdings in shares of Tesla by 2.7% in the 2nd quarter.
Tesla said its production rate of the Model 3 is steadily increasing, but the high degree of automation on the Model 3 production line has proven challenging, said Tesla in the shareholder letter.
Tesla's negative free cash flow expanded to -$1.4 billion, more than analysts' forecast for -$1.2 billion. Tesla said net orders for those vehicles hit a record level in the third quarter, setting the stage for record deliveries in the fourth quarter.
Tesla could face major new requirements for cash given Model 3 problems, a possible factory in China, and plans to develop other vehicles, including an electric heavy duty truck. It also spent $325 million to repay a credit facility in the quarter.
The acknowledgment came as Tesla reported third-quarter revenue of $2.98 billion, up 29.9% from a year earlier. Following the completion of the sale, the vice president now owns 1,736 shares of the company's stock, valued at $589,354.64. So far, the company has reported that only 260 have been produced. That, industry experts say, is among the reasons Tesla is nowhere close to its aggressive goal of building 500,000 vehicles annually by next year, a lot of them Model 3s.