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Tesla Model 3 Delivery Time Reportedly Reduced

Tesla has reportedly reduced Model 3 delivery times to between two and four weeks from three to five weeks.
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Tesla  (TSLA)  has reduced the delivery time for its Model 3 sedan to between two and four weeks from three to five weeks previously, according to a report. 

Tesla watcher Teslarati reported the change Wednesday, citing the company's website, which it says changed the delivery time on its website Monday night.

The Palo Alto, Calif., electric-vehicle major couldn't immediately be reached for comment.

In 2020, Tesla delivered 499,550 vehicles. Chief Executive Elon Musk has said he wants to sell 20 million vehicles by 2030.

Tesla is expected to release first-quarter results on May 5 with analysts modeling earnings of 71 cents per share on revenue of $10.2 billion, according to FactSet. 

Automakers generally have been grappling with a widespread chip shortage that has hindered both production and delivery times of new vehicles.

Last month, Tesla for two weeks halted production of its Model 3 electric cars at its assembly plant in Fremont, Calif. 

Citing a person familiar with the matter, Bloomberg reported that workers on a Model 3 production line in Fremont were told their line would be down from Feb. 22 until March 7.

A reason for the production halt wasn’t cited, though Tesla last month said that it was trying to mitigate the effects of a global semiconductor shortage on its operations.

General Motors Extends Plant Downtime Due to Chip Shortage

Ford  (F)  has been struggling with it as well. It said it would cut production of its extremely popular F-150 pickup truck at two plants.

Tesla shares at last check were down 2.1% to $671.75.