Ryan Cooper of The Week notes,

The Model 3 rollout has been plagued with problems. A huge backlog of orders quickly piled up, and Tesla struggled to fulfill demand. The price turned out to be too low to make a profit at the base model—one analyst estimated $6,000 in losses per vehicle—and Tesla hemorrhaged money, losing over $715 million in the second quarter of this year alone. Speculators began placing bets against the company.

Most of the cars were delivered late, and many had glaring manufacturing defects. And because Tesla refuses to sell most replacement parts on the secondary market, it became difficult (and often very expensive) to get repairs done. Stories of shoddy workmanship and enraged customers filled the press. Even the price of wrecked Teslas shot to ludicrous heights, as amateurs doing custom rebuild or repair jobs scrounged desperately for spare parts.