Tesla Spokesperson: Model 3 Is 'On Schedule,' Not Delayed To 2018 Like Reports Are Suggesting

Tesla Motors Inc TSLA shares fell sharply Monday morning on a report from Inside EVs that production of the company's Model 3 sedan would be pushed back to 2018.

The report, however, was based solely on a presentation slide from the EIA Conference, which Tesla attended last week. A Tesla spokesperson told Benzinga the Model 3 "remains on schedule."

"As we've stated," the spokesperson added, "we plan to show Model 3 in 2016 and begin production in 2017. JB's slide is a high-level look into when Model 3 will be in full production."

It's possible Inside EVs took the slide out of context, which seems to provide a timeline for when battery costs for the Model 3 will shrink, not when the vehicle itself will enter production.

Of note, Tesla's stock was still down more than 1 percent on the day after the report was published.