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Tesla stock falls on Model 3 delays

Model 3 production delays mean postponed sales could exacerbate the company's cash burn

Alexandria Sage & Arjun Panchadar | Reuters  |  San Francisco 

Tesla on Wednesday pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was difficult to predict how long it would take to fix all production bottlenecks. The firm also reported its biggest quarterly loss ever, sending shares down nearly 5 per cent after hours as the loss was bigger than analysts had expected. Tesla, led by Silicon Valley entrepreneur Elon Musk, faces a crucial test in its growth strategy as it ramps up production of the Model 3, its new sedan that starts at $35,000, about half the price of its flagship Model ...

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First Published: Fri, November 03 2017. 02:54 IST