Tesla delays production of its mass-market Model 3 car

 
Helen Cahill
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You'll have to wait a bit longer, mate (Source: Getty)

Tesla has pushed back its target for its new Model 3 vehicle by around three months, saying it did not correctly predict how long it would take to fix bottlenecks in its production line.

The electric carmaker will now produce 5,000 of the cars each week by early 2018, instead of by December.

Read more: Tesla fires hundreds of employees after performance review

The new target came as Tesla announced its biggest ever quarterly loss; its shares tumbled five per cent in after-hours trading.

The firm made a net loss of $619m (£468m) in the quarter to 30 September, close to double the loss it made in the prior quarter. In the same period a year ago, Tesla made a profit of $21.9m.

The Model 3 car is a key test for Tesla as it tries to prove it can ramp up its output. The sedan is also Tesla's first foray into the mass market car industry; the model is priced at $35,000, about half the cost of Tesla's Model S car.

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