Young Journalists Club | Latest news of Iran and world

News ID: 14768
Publish Date: 9:42 - 27 October 2017
TEHRAN, October 27 -Luxury electric carmaker Tesla (TSLA.O) plans to slash by 40 percent its orders for parts for the new Model 3 mass-market sedan from Taiwanese auto component maker Hota Industrial Mfg. Co (1536.TW) from December, according to a media report.

Tesla cuts Model 3 part orders to Taiwan supplier Hota: reportTEHRAN, Young Journalists Club (YJC) -Luxury electric carmaker Tesla (TSLA.O) plans to slash by 40 percent its orders for parts for the new Model 3 mass-market sedan from Taiwanese auto component maker Hota Industrial Mfg. Co (1536.TW) from December, according to a media report. 

Shares of the parts maker dropped nearly 9 percent after the Economic Daily News reported, citing Hota Chairman Shen Kuo-jung, that Tesla had told the firm orders would be cut to 3,000 sets per week from 5,000 sets starting December, due to a “bottleneck” in the production of Model 3.

Tesla may delay scheduled weekly shipments of 10,000 parts in March by a few weeks until May or June, the report added.

Hota, which makes gears and axles for vehicles, and Tesla did not immediately respond to a request for comment.

Earlier this month, Tesla said production bottlenecks had left the company behind its planned ramp-up for the new Model 3 sedan. It began production of the model in July.

Hota shares were down 7.6 percent at 0530 GMT.

Source:Reuters

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