Tesla is trading down ahead of Wednesday's earnings report

The Polestar 1´s upper body is made of carbon fibre for stiffness torsional rigidity and weight savings     Volvo

Tesla Inc (TSLA.O) on Wednesday pushed back its target for volume production on its new Model 3 sedan by about three months, saying it was hard to predict how long it would take to fix all production bottlenecks.

Tesla is still sorting out its production issues for the Model 3.

"We continue to make progress resolving early bottlenecks related to these issues, and there remain no fundamental problems with our supply chain or any of our production processes", Tesla said in the letter. Tesla's free cash flow fell to -$1.4 billion versus the -$1.2 billion projected by analysts. The problems could also worry the over 500,000 customers who have put down a refundable deposit on the auto.

Nomura restated their buy rating on shares of Tesla Inc.

After market close today, Tesla released its financial results and shareholders letter for the third quarter 2017.

Tesla's soaring stock has made the company the second-most valuable US automaker behind General Motors Co (GM.N), which had annual net profit of $9.4 billion in 2016.

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"We received record net orders for Model S and Model Xs" last quarter, Tesla said in its earnings letter, which later added, "Demand for Model 3 is not going to be a constraint for quite a long time".

Tesla's first mass market auto has been beset with manufacturing issues - and there' s no end in sight. It also spent $325 million to repay a credit facility in the quarter.

Even worse for Tesla's fans: The automaker has pushed back its Model 3 manufacturing goals, now estimating that it won't ramp up production to the projected 5,000 vehicles per week until late in the first quarter in 2018, a full cycle later than originally planned. But the company produced just 220 Model 3s in the third quarter, far less than the 1,500 Musk promised. Shares of far larger automaker General Motors have climbed about 23 percent, while Ford shares are up almost 2 percent. The business had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.50 billion.

Last month, Tesla reported it delivered 26,150 vehicles in the third quarter, a 4.5 percent rise on the same period of 2016.

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

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