Tesla Model 3 production approached 2700 units in 2017

One-third of the quarter’s S3 were made in the last seven days. Bill Pugliano  Getty Images

The electric vehicle maker headed by Elon Musk said it would likely build about 2,500 Model 3s per week by the end of the first quarter, half the number it had earlier promised.

More than 400,000 people have put down $1,000 deposits for the right to order a $35,000-and-up Model 3, whose success many analysts say is critical to Tesla's survival as a mass-market manufacturer. In addition to the 1,550 Model 3 sedans that were delivered during the fourth quarter, more than 800 of them were still in transit at the end of the quarter, although that still leaves the company far short of the consensus for Model 3 deliveries. Since this is just one story, we can't make any real generalizations, but it does imply Tesla had a bunch of Tesla Model 3 customer cars finished but waiting for some final inspections or slight fixes.

Tesla Inc delivered 1,550 of its new Model 3 electric cars in the fourth quarter, missing Wall Street expectations as it tries to overcome production issues that have hampered the roll out of its most affordable sedan.

Tesla has yet to detail the production problems at its manufacturing plants.

Update: Tesla's earnings report is out and the company manufactured 2,425 Model 3 units for the quarter, good enough for about 2716 for the year.

With Tesla poised to post its earnings report for the holiday quarter later today, we won't have to wait long to see how overall Model 3 production stacked up in 2017.

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Tesla said on Wednesday its production rate had increased significantly despite the delays.

Tesla has announced that deliveries of its electric vehicles has surpassed the 100,000-unit mark for the first time past year, according to a report by The Verge.

The Palo Alto-based carmaker added that it built 2,425 units of the Model 3 during that quarter, with 793 built during the last seven days of the quarter - about 10 times the amount produced in the third quarter. The last update on Model 3 production calls for "a production rate of 5,000 Model 3 vehicles per week by late Q1 2018", which we believe is ambitious. To make way for the new auto, Model S and Model X production was reduced during that period.

Tesla had initially predicted to reach the milestone of 5,000 vehicles per week in December, but in November deferred the target to the end of the first quarter.

A slow start for the Model 3, which had originally been expected to reach a production target of 20,000 per month by December, has begun to hit Tesla´s shares. But the company said it's focusing on quality and plant efficiency, not just meeting volume targets.

We're very grateful to everyone at Tesla who has poured their heart and soul into helping with the Model 3 ramp and creating the progress we are seeing.

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