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Tesla clarifies Musk’s Model 3 promise amid worst week for the stock since July

Tesla Inc. stock notched its worst week since July as concerns about the Model 3 production ramp lingered and the Silicon Valley car maker moved to clarify that it has all the equipment in place to meet its targeted rate of production for the mass-market sedan.

Tesla TSLA, -1.53% shares fell 9.7% in the week ended Friday, their worst weekly showing since the week of July 7 amid steep weekly losses for the broader stock markets. Tesla stock closed down 1.5% on Friday at $310.42, its lowest in slightly more than two months.

The week’s steepest losses, 8.6%, were on Thursday, a day after the Silicon Valley car maker posted a narrower-than-expected adjusted loss for the fourth quarter and kept a key production target for the Model 3, its first vehicle geared to the masses, unchanged.

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