NEW YORK (AP) – Tesla’s shares are shaping up to possibly have their worst week of the year so far as lower-than-expected production, increased competition and a review from an industry group weigh on the electric car maker.
On Monday Tesla CEO Elon Musk sent out tweet saying that the Palo Alto, California-based company anticipates reaching production of 20,000 Model 3 cars per month in December. That figure is less than previous estimates.READ MORE: White House Details Plans To Vaccinate 28 Million Children Ages 5-11
Adding to the strain, Volvo announced on Wednesday that it plans to build only electric and hybrid vehicles starting in 2019.READ MORE: Multi-Car Crash In Trophy Club Causes Shutdown Of Highway 114
Shares of Tesla Inc. dropped $10.84, or 3.3 percent, to $316.25 in Thursday morning trading.MORE NEWS: 15-Year-Old Critically Injured In Shooting At Timberview High School Released From The Hospital
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