Tesla Inc. TSLA -0.44% badly missed its goal of building 1,500 Model 3 cars in the third quarter, the first sign that the production ramp-up for the new sedan isn’t going as smoothly as planned.
The Silicon Valley electric-car maker built 260 of the Model 3s between July and September, the company said Monday in a statement. In August, the auto maker predicted it would build more than 1,500 Model 3s before cranking up production to 5,000 a week by the end of the fourth quarter.
“It is important to emphasize that there are no fundamental issues with the Model 3 production or supply chain,” Tesla said in a statement. “We understand what needs to be fixed and we are confident of addressing the manufacturing bottleneck issues in the near-term.”
When Mr. Musk touted the new cars in a July celebration, he warned the first six months of production could be “manufacturing hell” as its Fremont, Calif., factory learns how to build the new vehicle.
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