Tesla misses its Model 3 deliveries by a mile

Tesla produced just 1,550 of its Model 3 sedans in the fourth quarter, widely missing its target for the much-anticipated new car.

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."

This story is developing.

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