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BREAKING:

HONDA TO SET UP $15B EV PRODUCTION BASE IN CANADA

Automaker to get up to $5B in government assistance for EV battery, assembly plants

Tesla cuts Model 3 part orders to Taiwan supplier Hota: report

Reuters
Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company's Fremont facility in California, U.S., July 28, 2017. Courtesy Tesla/Handout via REUTERS

TAIPEI (Reuters) - Luxury electric carmaker Tesla (NasdaqGS:TSLA - News) 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 (Taiwan:1536.TW - News) 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.

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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.

(Reporting by Jess Macy Yu, Editing by Miyoung Kim and Himani Sarkar)