NEW YORK (TheStreet) -- Shares of Tesla Motors Inc (TSLA) were down 0.96% to $260 in midday trading Monday, following reports that the company will delay the launch of its Model 3 car, according to Business Insider.
The company may be pushing back the launch of its $35,000 200-mile electric vehicle to 2018, later than its prior plans.
The company had planned to debut the design concept in the first quarter of 2016, with deliveries beginning in 2017, Business Insider reports.
But, the company insists production of the $35,000 Model 3 "remains on schedule," according to Bloomberg.
Production of the Model 3 will start in 2017, the electric car maker told Bloomberg in an email.
Palo Alto, Calif.-based Tesla Motors designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. It owns its sales and service network.
Separately, TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."