Tesla didn't come close to achieving an initial goal to manufacture that numerous sedans a week by the end of 2017.
Tesla shares fell as much as 3.6 per cent to US$305.68, the biggest intraday drop in five weeks.
The ever-changing Model 3 deadline is not a unique development for Tesla.
Shares of Tesla Inc (TSLA) hit lows unseen in a month during Thursday's trade, one day after the company once again pushed back its production objective for the keenly-anticipated Model 3 sedan.
"As a result of the significant growth in our production rate, we made as many Model 3's since December 9 as we did in the more than four months of Model 3 production up to that point", Tesla said, explaining that this is why it wasn't able to deliver many of these cars during the holiday season, just before the quarter ended.
Even with the super-cold weather hitting most parts of the USA right now, the Model 3 had its heater blasting away reducing the miles the electric vehicle could drive without charging. During the company's third quarter, Tesla manufactured 260 Model 3s. The carmaker has been blowing through more than $1 billion a quarter as it's had trouble scaling up output despite spending heavily on robots, assembly lines and tooling for the sedan that is Musk's cheapest yet, starting at $35,000.
The Elon Musk-led company now expects to assemble 5,000 Model 3s a week by the end of June, delaying plans to reach that milestone by another three months. But early versions of the Model 3 suffered battery quality problems, and it's not clear whether those have been sufficiently resolved.
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Tesla reported deliveries of 1,550 Model 3s in the final three months of the year, trailing analysts' average estimate for about 2,900 units in a Bloomberg survey. Investors, on the other hand, will probably focus on the company's cash flow and the potential effect, which production delays may cause on its performance. Pre-orders for the Model 3 were through the roof after the company announced the launch, reaching over half a million by July 2017-a year after the announcement.
It'll take Tesla another three months to double that number.
"Perhaps the issues that have significantly hobbled the Model 3 ramp really can be fixed in a cost-effective manner and shortly cycled past (although this did not happen in 4Q)", Brinkman said.
Tesla shares were down at $313.02 in afternoon trading.
The company said another 2,520 Model S and X vehicles and 860 Model 3 vehicles were in transit to customers at the end of the quarter.
The company said it has made "major progress" toward eliminating Model 3 production bottlenecks.