REUTERS
- Tesla is schedueld to report earnings on Wednesday.
- Model 3 production delays may add to investors’ gloom over the earnings report.
- Check out the live stock price of Tesla here.
Tesla‘s shares have had a rollercoaster of a ride, currently trading down 1.60% at $326.24, ahead of the company’s earnings report on Wednesday.
Wall Street is keeping a close eye on Tesla’s earnings after it was previously reported that it plans to cut 40% of its Model 3 sedan parts orders because of a “production bottleneck.” Tesla announced it had produced 260 Model 3 sedans in the third quarter, far below its target of 1,500 in September.
Tesla’s shares jumped slightly on Tuesday when Panasonic’s CEO Kazuhiro Tsuga, a production partner, said the Model 3’s delays came from problems in automating its battery production line and those problems have been addressed. He expects Tesla’s Model 3 production to “rise sharply.”
The luxury car maker also announced a series of layoffs in October. Roughly 200 to 400 employees were laid off at its SolarCity offices in California, Nevada, Arizona and Utah, according to several media reports.
Tesla stock has gained 51.15% over the year.
To read more about how Tesla is solving its Model 3 bottleneck problem, click here.
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