Skip to main content

Tesla Model 3 is not delayed, CNBC misreports and sends Tesla (TSLA) stock crashing

Tesla Model 3 silver prototype promo shot headlands

Tesla updated its Model 3 page on its website today to let new Model 3 reservation holders know that they should not expect to get their vehicle until “mid-2018 or later”. That’s for new Model 3 reservation holders since Tesla has over 400,000 reservations and the company expects to start delivery in “late 2017”.

In other words, the automaker expects that it will take between 6 to 12 months to work through its backlog, which isn’t news for most people following Tesla.

But CNBC reported this as news that Tesla “pushed back” delivery of “new Model 3 orders”, which sent Tesla’s stock down by 2% in seconds.

We reached out to Tesla and a company representative confirmed that the change on the Model 3 page on its website doesn’t reflect any change for the Model 3 production or delivery plans, but only to reflect more accurate timing for people reserving the Model 3 today.

On the chart of Tesla’s stock below, you can clearly see when CBNC released the article at 1:21pm and the stock price crashed while the volume of stock traded spiked:

tsla-oct-18

The stock price quickly recovered.

CNBC has since updated its headline from “Tesla quietly pushes back delivery estimate for new Model 3 orders to mid-2018 or later” to “If you didn’t order your Model 3 yet, you won’t get it until mid-2018, Tesla says”.

In the updated article, the publication makes no mention of the drastic change in the lead of the article, but only that the date applies to new reservations – something that was already clear from Tesla’s Model 3 page (old version on the left and new one on the right):

Tesla sent us the following statement:

“Today’s website update does not reflect any change in our plans. We still plan to begin Model 3 deliveries in 2017, and we adjusted the delivery date on our marketing page to reflect more accurate timing for new/future reservation holders.”

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

Comments

Author

Avatar for Fred Lambert Fred Lambert

Fred is the Editor in Chief and Main Writer at Electrek.

You can send tips on Twitter (DMs open) or via email: fred@9to5mac.com

Through Zalkon.com, you can check out Fred’s portfolio and get monthly green stock investment ideas.