>> Tesla stopped taking a beating on Thursday after the electric car company posted its biggest ever quarterly loss and delayed ramping up production for the Model 3. Its first mass market car which its future rides on. The stock is down about 8% Thursday, and has dropped over 20% since mid September.
Reuters reporter Alexandria Sage.>> Tesla had promised that it would be making 5,000 Model 3s, sometime in December, per week. Now they're saying it will only meet that goal sometime in the latter part of the first quarter of 2018.>> Last month CEO Elon Musk said Tesla only produced 260 Model 3s in the third quarter, missing by a long stretch, a target of 1500.
And Musk said the car was quote, deep in production hell.>> The problems we're seeing today, Tesla says, are mostly due to problems at its gigafactory. And a production line for the production of batteries that needed to be redone, redesigned. Elon confessed that he was depressed over that
ree or four weeks ago, over all these problems.
But he feels like now they understand the root of the problems, they're getting them fixed, and they're begging a little patience.>> Despite the problems, Tesla plans to produce half a million cars in 2018, mostly Model 3s. That's six times more than it produced last year.