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.
Adding to the strain, Volvo announced on Wednesday that it plans to build only electric and hybrid vehicles starting in 2019.
Shares of Tesla Inc. dropped $10.84, or 3.3 percent, to $316.25 in Thursday morning trading.
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)