Tesla Inc (NASDAQ:TSLA) shares were on the back foot in early trade on Thursday following reports that the intended roll-out of the Model 3 electric vehicle has again been delayed.
Elon Musk’s Earth-focused company is now expected to build 2,500 Model 3 vehicles per week through the first quarter of 2018, which is half as many as prior plans, and it then expects to increase the rate to 5,000 vehicles per week through the second quarter.
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“As we continue to focus on quality and efficiency rather than simply pushing for the highest possible volume in the shortest period of time, we expect to have a slightly more gradual ramp through the first quarter,” Tesla said.
In a statement, Tesla reported that it delivered only 1,550 Model 3s in the fourth quarter along with 15,200 Model S and 13,120 Model X. The company described it as its “all-time best quarter”, for Model S and Model X.
In early New York trading, Tesla stock was down 2.6% at US$309.11.
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