Tesla Model 3 is Tesla Inc.'s highly anticipated electric vehicle. It is set to launch later this year and will go up against the Chevrolet Bolt and the Nissan Leaf. A new report claims it may miss its launch deadline.
According to a report by Auto Blog, the Silicon Valley EV manufacturer will unlikely meet its summer goal to start its Model 3 production. Previously, reports suggested that the company was set to begin their production last month, but it seems that they were not able to start on time. Now, the new deadline also seems unlikely as well.
The report continues to say that as a consequence of the delay, one analyst downgraded the automaker's stock. Goldman Sachs' David Tamberrino reduced his recommendation on the stock causing Tesla's shares to fall 4.1 percent on Monday.
Tamberrino wrote that the summer deadline wouldn't be met. Moreover, the analyst even believes that Tesla's stock will suffer a further plunge of 25-percent. The California-based EV manufacturer may very well be in trouble and could even run out of money soon, the analyst predicts.
Elsewhere, the Silicon Valley electric vehicle maker reiterated in its investors note that they were on track. In another report by Daily Mail, Tesla claims that it has reported a significant loss for the last three months of 2016. The company lost a reported $121.3 million for the quarter.
Regardless of the loss, the company claims that the Tesla Model 3 is on track. The company pushes to start its limited vehicle production in July and will focus on 5,000 vehicles per week to start with. They still hope to make the 2018 deadline to cover all of the pre-orders.
The Model 3 was available on sale for pre-order last spring. Within 24 hours, 180,000 pre-orders were submitted each generating a $1,000 refundable deposit. That number has more than doubled. The new EV is priced at $35,000 and will have a smaller battery that the Tesla Model S and Model X.
The Tesla Model 3 could very well experience a delay. The company is notorious for its delay, similar to the launches of their previous models. What do you think will happen Elon Musk's car company and will we see the Model 3 this year? Share your thoughts and comments below.