- Tesla announced production delays for its Model 3 electric sedan.
- At $35K, the Model 3 will be Tesla’s most affordable; current models start at $70K.
- The 5,000 Model 3’s per week production target has been pushed back from March 2018 to June 2018.
- CEO Elon Musk pointed out challenges automating production.
- In November 2017, Tesla acquired automation equipment maker Perbix to solve these issues.
- While Tesla raised $3 billion last year, its forecast to burn $4.2 billion this year ramping up production.
