Faltering production of the latest, cheapest model of its electric supercars had been a factor in a downgrading of Tesla’s credit rating, plummeting share price and deepening industry scepticism. Tesla said it had doubled the production rate over the first quarter of 2018 by addressing bottlenecks in its production process and supply chain, including shutting down its factory for several short periods to upgrade its equipment. It admitted that delays had lost it some customers for the Model 3 but said that net orders remained stable. Its share price, which had dropped by more than a third in six months on fears for the firm’s future, rallied on Tuesday by 7% after news of the higher production rate. Elon Musk's Tesla announces biggest quarterly loss ever Read moreConcerns over the company’s finances had been rife, with the credit rating agency Moody’s downgrading Tesla’s rating last week.

Source: The Guardian April 03, 2018 18:21 UTC