Tesla will push back its Model 3 production estimates after delivering only 1,550 Model 3 cars in the final three months of last year.

Tesla Inc.  (TSLA – Get Report) shares extended declines on Thursday after the luxury electric carmaker cautioned that deliveries of its flagship Model 3 will fall significantly short of estimates.

The Palo Alto, Calif.-based group also said it would push back earlier estimates of Model 3 production rates further into 2018, with a target of 5,000 units a week by the end of June owing to “production bottlenecks”. For the three months ended in December, Tesla said it produced 2,425 Model 3 cars and delivered 1,550 to customers at a list price of $35,000, well shy of the FactSet compiled consensus of 4,100.


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