• Tesla delivered just 1,550 Model 3 sedans during the fourth quarter, falling well short of the 

Tesla delivered just 1,550 of its Model 3 sedans in the fourth quarter, widely missing the 2,917 vehicles that Wall Street was expecting.

The company attributed missed deliveries  over the holiday season to a ramping up of production in the final seven days of the period, which saw it make 793 Model 3s, according to a company release. Tesla made as many Model 3s in the period following December 9 as it did in the prior four months, it said.

"This is why we were not able to deliver many of these cars during the holiday season, just before the quarter ended," the company said. "Model 3 deliveries to non-employee customers are now accelerating rapidly."

It's a big miss for the most highly-anticipated car of the year, made worse by CEO and founder Elon Musk's assertion back in July that Tesla could hit a monthly production target of 20,000 Model 3s per month in December.

The Model 3 is Tesla's first mass-market vehicle starting at $35,000. Tesla said it delivered 29,870 vehicles total in the fourth quarter, of which 15,200 were Model S, 13,120 were Model X, and 1,550 were Model 3.

In terms of production, the company said it manufactured 24,565 in the fourth quarter, of which 2,425 were Model 3. Heading into the report, Tesla slightly reduced fourth-quarter production of the Model S and X models because of the reallocation of some of the manufacturing workforce towards Model 3 production, which also caused inventory to decline.

This post originally appeared on Business Insider. 

Published on: Jan 3, 2018