Tesla has only produced 260 Model 3s so far

A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles California United States

Don't do it Tesla!Thomson Reuters

No sooner had the news come out that shares of Tesla went down by 1.5% in after-hours trading.

Recall that Model 3 was launched in July, the owner of the first descended from the conveyor of the electric auto this model was the head of Tesla Ilon Musk.

Tesla blames bottlenecks on a mere "handful" of subsystems at its manufacturing plants for the weak figures.

"They're likely three or four weeks behind on the Model 3 ramp", Ben Kallo, an analyst at Robert W. Baird & Co, said by phone.

IBD'S TAKE: Tesla stock has an IBD Composite Rating of 62, meaning it has outperformed 62% of stocks in key metrics over the past 12 months. The Model 3 manufacturing ramp up will be incredibly hard even if Tesla hits all of its production goals.

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Daniel Sparks owns shares of Tesla.

While the exact calendar boundaries are indeed arbitrary in terms of vehicle manufacturing, that doesn't detract from the highly ambitious, and risky nature of Tesla's Model 3 production goals.

In a statement the vehicle maker outlined "production bottleneck" being the cause of slower production of the mass market Model 3. Before the end of next year, Tesla expects Model 3 production to achieve a weekly rate of 10,000 units. "Even though it has been released, it's in the hands of employees and friends of the company".

Model 3. Image source: Tesla.

However Kawasaki Wealth & Investment Management CEO Ross Gerber told the wire service that while Musk "never made a number", he had faith in the issues being resolved.

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"Coming up short is what we expect of him".

An interconnection agreement was signed on 29 September with transmission network provider ElectraNet and approved by the Australian Energy Market Operator (AEMO), Tesla said.

The Palo Alto-based carmaker said it delivered a total of 26,150 vehicles in the latest period. It did not reaffirm or change that guidance Monday. The remaining 220 were Tesla's recently launched Model 3. Further, the EV maker said that it is aware of what needs to be fixed, and are confident of resolving the issues in the near-term.

In August, Tesla expected to be producing 5,000 a week by the end of December. "For a vehicle manufacturer to not make a number from eight weeks ago - that's insane", he said. "If they can't get from 30 to 1,500, how are they going to get to 500,000?"

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