CHICAGO, Oct 3 (AFP) – Tesla has missed its production target for the Model 3 sedan, the first mid-priced electric vehicle for the mass market in its lineup, the car maker announced Monday.
Only 260 of the sedans were produced in the third quarter due to “production bottlenecks,” the company said, failing to meet founder and CEO Elon Musk’s expectations of 1,500 Model 3’s delivered by September.
The electric car maker started taking reservations for its mass-market sedan in March 2016, which is priced at $35,000 (29,824 Euros) to start and is key to the company’s plans to expand market share.
The company said it has received some 450,000 pre-orders for the Model 3. Production has been hobbled by a bottleneck in a handful of “manufacturing subsystems,” according to a company statement.
“There are no fundamental issues with the Model 3 production or supply chain. We understand what needs to be fixed and we are confident of addressing the manufacturing bottleneck issues in the near-term.” Musk has previously predicted much higher deliveries for the Model 3 sedan by the end of the year.