Tesla Inc (TSLA) 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.
Shares of the Palo Alto, California-based company fell 1.7 percent to $312 in after-market trading.
The electric-car maker Opens a New Window. on Wednesday pushed back for the second time its target of producing 5,000 Model 3 sedans per week to the end of the second quarter.
Tesla Opens a New Window. had initially predicted to reach the milestone in December, but in November deferred the target to the end of the first quarter.
The latest sedan is critical to Tesla’s long-term success, as it is the most affordable of its cars to date and is the only one capable of transforming the niche automaker to a mass producer amid a sea of rivals entering the nascent electric vehicle market.
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