Tesla Delays Semi Unveiling on Model 3 Bottlenecks, Puerto Rico



This reporting is fundamentally wrong and misleading.

Tesla TSLA, -3.91% shares dropped nearly 4% Monday, in the first official trading since The Wall Street Journal reported Friday afternoon that Tesla was building parts of the Model 3 by hand.

Tesla (TSLA) traded up 0.44% during trading on Tuesday, hitting $356.88. Tesla missed its third quarter goals for Model 3 production this year, although production for the company overall is up.

Tesla announced last week that Model 3 production has fallen way short of its initial 1,600 target, with only 260 models produced and 220 delivered thus far.

One of Musk's followers edited the video to show the actual speed once production is humming along at full power. He criticized the company in February, writing in a memo at the time that "our concerns are more near-term oriented with respect to operational execution on the Model 3 launch, an unproven solar business, and cash needs". "We are deep in production hell". To whatever extent the current hubbub threatens Tesla's chances or its most adamant investors' confidence, it also threatens the stock price, they say. Tesla has a 1-year low of $178.19 and a 1-year high of $389.61.

In premarket, Tesla shares dipped 1.79% at US$350.50. Guggenheim reissued a buy rating and issued a $430.00 price objective (up from $380.00) on shares of Tesla in a research note on Wednesday, July 5th.

"Diverting resources to fix Model 3 bottlenecks & increase battery production for Puerto Rico & other affected areas", Tesla Chief Executive Officer Elon Musk wrote in a tweet Friday. Per reports, Musk was talking about a scalable energy storage and solar power solution with the governor on Twitter. Tesla claims every automaker uses manual and automated processes to build their cars.

In a press statement, Sonnen said it was already sending batteries to the island from its manufacturing center in Atlanta, Georgia. Robotic arms can be seen working away as sparks fly from the structural body of the vehicle mid production. "There's a reason it's called production hell". Consequently, the Journal added that Tesla factory workers were busy "piecing together parts of the cars in a special area while the company feverishly worked to finish the machinery created to produce Model 3's at a rate of thousands a week".

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