Tesla misses on Model 3 production for the third quarter

Tesla didn't hit its Model 3 production target for the third quarter.

Tesla said Monday that it only produced 260 Model 3 sedans.

"Model 3 production was less than anticipated due to production bottlenecks," Tesla wrote in its investor letter. "Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at high rate, a handful have taken longer to activate than expected."

Tesla CEO Elon Musk said in August that the company planned to produce 1,500 Model 3 cars in September and ramp up to 20,000 cars per month in December.

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