Since then, Tesla has dealt with highly publicized Model 3 production "bottlenecks" and delivered a paltry number of vehicles well below its targets, issued a recall, and fired hundreds of employees (which spawned a lawsuit).
It only produced 260 Model 3 sedans in the third quarter, widely missing its target to manufacture 1,500 vehicles in September only.
Tesla will no longer reach its long-stated goal of producing 5,000 Model 3 cars per week in 2017, pushing that deadline back amid production hiccups and a massive $619 million quarterly loss.
And the problems will continue.
Tesla said it had record net orders and deliveries of its Model S and Model X in the third quarter.
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Tesla said the main constraint was its battery module assembly line at its Nevada Gigafactory, where the company had to redesign part of the production process.
Tesla reported a net loss of about $619.4 million, or $3.70 per share, compared to a net income of almost $21.9 million, or 14 cents a share, a year ago.
That was far bigger decline than Wall Street had predicted. The electric vehicle giant reported a loss of $3.70 per share on revenue of $2.98 billion. This is a significant milestone as the Tesla fleet is now about 100 times larger than it was five years ago, just before the launch of Model S. In a report released yesterday, Nomura analyst Romit Shah maintained a Buy rating on TSLA, with a price target of $500, which implies an upside of 50% 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.
"The Model 3 production process will be vastly more automated than the production process of Model S, Model X or nearly any other vehicle on the market today, and bringing this level of automation online is simply challenging in the early stages of the ramp", Tesla said. Revenue rose 2% to $16.10 billion, beating the FactSet consensus of $15.52 billion, as 9% growth in premiums, fees and other revenue offset a 7% drop in net investment income.
Shares of Tesla (TSLA) traded down 2.6116% during mid-day trading on Tuesday, hitting $322.8718. The Company operates through two segments: Automotive, and Energy generation and storage.
Shares of Tesla have risen more than 50 percent since the beginning of the year.