Tesla has bad news if you're waiting for a Model 3

The interior of the new Polestar 1     Volvo

Tesla Inc.'s first attempt at high-volume production isn't going as well as it hoped.

With the addition of Model 3 as a compelling, high-performance and long-range electric vehicle that is also affordable, the Tesla fleet should grow even faster in the years ahead. It introduced the Model 3 in July with a massive party at its Fremont, California factory.

And the problems will continue. Musk had initially set a target of December for that level of production.

"Tesla is learning what traditional automakers have long known — mass vehicle assembly is complicated and expensive", said Michelle Krebs, a senior analyst at Autotrader.com.

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More than 450,000 people are on the Model 3 waiting list and Tesla is under pressure to deliver, having fallen behind its own production targets and making just 260 cars last quarter.

On an adjusted basis, Tesla lost $2.92 a share, which was wider than expected, according to a consensus estimate from Thomson Reuters.

The company also reported its biggest quarterly loss ever, sending shares down almost 5 percent after hours as the loss was bigger than analysts had expected. The company opened 18 stores and service stations worldwide during the quarter, and set up 126 new Supercharger stations to try to prepare for the increase in demand from Model 3 buyers. But the company clarified Wednesday that its Gigafactory plant in Nevada, which assembles battery packs for the Model 3, is "the primary production constraint" for the cars.

Tesla saw capital expenditures of about $1 billion in the fourth quarter and said it was "well capitalized" for the delayed Model 3 production schedule. The company says it's on track to deliver 100,000 Model S and Model X vehicles in 2017, up 30 percent from 2016.

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The acknowledgment came as Tesla reported third-quarter revenue of $2.98 billion, up 29.9% from a year earlier.

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

Tesla shares dropped by as much as 5.4% on the news in after-hours trading, before recovering slightly.

Shares of Tesla have fallen almost 17 percent from a 12-month high of $385 in September, but are still up 50 percent from January fueled by belief in the long-term prospects of the company.

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