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Tesla Shares Slide After Reports That Model 3 Production Is Lagging

Courtesy of ZeroHedge. View original post here.

Update: While TSLA shares remain higher on the day, they are sliding notably after Reuters reports that Tesla workers are said to say that Model 3 production output is lagging.

Tesla Inc is not producing enough Model 3s per shift to reach the 5,000 per week target that Chief Executive Officer Elon Musk said it would reach by Saturday, three line workers at the company’s Fremont, California, assembly plant told Reuters this week.

The company was able to assemble and paint 210 Model 3s during the first of two 12-hour shifts on Wednesday, one worker told Reuters.

On one of two Monday shifts, the company produced 305 of the vehicles, another worker told Reuters. The number of vehicles assembled per shift is displayed for line workers in the plant.

TSLA is sliding…

*  *  *

A week before CEO Elon Musk is due to admit his Model 3 production numbers – will he or won’t he hit 5,000 units a week – Tesla is sending out emails to all Model 3 reservation holders in the US and Canada explaining that they need to pay $2,500 to confirm their order online or lose it.

Reservation holders began paying $1,000 deposits when CEO Elon Musk first revealed the car in March 2016

As Bloomberg notes, the email also invites recipients to use online design studio to select options and configure their Model 3, and once reservations customize their car and place order, Tesla will provide an estimated delivery date, and the customer pays the rest owed to the company at the time of delivery.

While Tesla stocks have risen in the last day or two, bonds have not and are down again today as perhaps fears that Tesla needs cashflow – why demand the $2500 now? – may have spooked them…

Or maybe bondholders are less willing to give Musk yet another benefit of the doubt that he will achieve what he constantly promises he will.


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