Tesla Is Already Falling Behind On Model 3 Orders

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Just 260 units have been built out of 455,000 pre-orders.

The news of Tesla failing to meet a deadline isn't something new, but there was hope the Model 3 launch would be different. Yes, production has officially gotten underway for the EV automaker's $35,000 entry-level sedan, but Bloomberg has learned that a mere 260 units have been produced so far. That's less than a fifth of Tesla's 1,500-unit production forecast. The reason for this? Tesla is claiming unspecified "bottlenecks." Normally, something like this is forgivable, but Tesla has an awful lot to prove with the Model 3.

Specifically, it needs to show it can build a mass market vehicle, something it's never done before. The Model S and Model X are considered luxury vehicles and neither has been considered to be mass market. This is why the Model 3 is so important for Tesla, and already its failure to meet that initial roll out figure is having negative effects. Tesla shares dropped 1.5 percent earlier this week despite consistently climbing all year. However, the news wasn't all bad for Tesla. Model S and Model X sales did climb to a new quarterly record. Tesla further adds that because of that, customer deliveries in the second half of this year will exceed the first half by a few thousand vehicles.

An industry analyst told Bloomberg that Tesla is "likely three or four weeks behind on the Model 3 ramp," which isn't terrible, but the perception of not meeting that original 1,500 unit goal doesn't help. Another analyst had this to say: "Elon's never made a number, ever. Coming up short is what we expect of him."

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