Tesla stock fell -1.62% in the after-hours trading session on Monday due to missing production estimates for their Model 3 vehicle. To be specific, the company planned on producing 1500 Model 3 vehicles in September but was only able to produce 260 in the third quarter.
This seems and sounds like an embarrassingly low number. It is likely that the stock will take a hit for a while until this is sorted out.With that being said, I am personally not very worried about this news. While I do think the stock will fall more, I see it as a buying opportunity. In fact, take a look at the chart below:
As you can see, TSLA has some open gaps on its chart. The nearest one is around $326. I fully expect the stock to reach that level but it could fall even more and reach the $280 if there’s some serious drama around the corner. Either way, I will use this drop to scoop up cheap Tesla shares. Therefore, as far as I am concerned, the bigger the drop the better 🙂