Economy

Tesla has bad news if you're waiting for a Model 3

Tesla has bad news if you're waiting for a Model 3

Tesla was already facing backlash from its shareholders over production of the Model 3, which is the first vehicle that's priced more for the average consumer at $35,000. But Tesla produced just 220 Model 3s in the third quarter, far lower than the 1,500 Musk promised.

And the problems will continue.

Tesla acknowledged Wednesday that it would not achieve its previous goal of hitting a production rate of 5,000 Model 3 vehicles per week by the end of the year, instead pledging to do so by the "late" first quarter "based on what we know now".

Tesla reported a wider-than-expected third-quarter loss, the largest in its history. The insurer reported a net loss of $87 million, or 8 cents a share, in the quarter to September 30, after net income of $571 million, or 51 cents a share, in the same period a year ago.

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As far as the company's earnings are concerned, Tesla posted an adjusted loss per share of $2.92 per share, significantly wider than the loss of $2.23 per share that Wall Street predicted. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.00) by $0.67.

Tesla had other significant expenses.

Shah also reaffirmed his $500 price target on TSLA shares, which suggests a massive 51% upside from current levels. The company opened 18 stores and service stations worldwide during the quarter, and set up 126 new Supercharger stations to try to prepare for the increase in demand from Model 3 buyers.

Tesla saw capital expenditures of about $1 billion in the fourth quarter and said it was "well capitalized" for the delayed Model 3 production schedule. Dimensional Fund Advisors LP now owns 98,790 shares of the electric vehicle producer's stock worth $27,492,000 after acquiring an additional 1,894 shares during the last quarter. Year-to-date, TSLA has gained 55.15%, versus a 16.68% rise in the benchmark S&P 500 index during the same period.

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The news wasn't entirely bad for Tesla, however, the carmaker reporting revenues for the third quarter of $2.98 billion, a record, and up from the consensus forecast of $2.95 billion.

The company says it's on pace to deliver 100K vehicles for the full year.

Shares of Tesla are down 3.18% in AH trading to $310.65. The Company operates through two segments: Automotive, and Energy generation and storage.

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