Tesla, Inc. shares fell more than 4% on Thursday after CNBC reported that battery production issues at the Nevada Gigafactory are worse than previously thought. According to employee sources, the company is reportedly making some batteries by hand and borrowing workers from suppliers to assist with the manual assembly. These developments have added to concerns over delays for the Model 3 – a car that could make or break the company.
After the market closed on Thursday, Tesla attempted to put the concerns to rest, saying that it is on track with the previous projections for achieving increased Model 3 production rates that it had forecast earlier this month. The company announced earlier this year that it would produce Model 3 units at a pace of 5,000 per week by the end of the second quarter. The current production rates, as of early January, are at over 1,000 vehicles per week. (See also: Tesla Denies Further Model 3 Production Issues.)
Tesla shares moved sharply lower on Thursday amid reports of extensive battery issues, but traders will be watching these key levels. …read more
Read more here: Tesla Shares Set to Rebound After Battery Delays Dismissed