Tesla storms past Model 3 production goal

03 July, 2018, 00:48 | Author: Salvatore Jensen
  • Tesla’s Model 3

Tesla stock initially jumped, then retreated Monday after the maker of electric vehicles said it hit the target for Model 3 production that Chief Executive Elon Musk said was critical for the company to reach profitability. They reported the 5,000th auto rolled out of the Fremont, California, factory at about 5 a.m. local time on Sunday morning, so merely five hours late. It was not clear if Tesla could maintain that level of production for a longer period.

The Model 3 had missed two ambitious production targets, but Musk had promised investors that the company would make 5,000 Model 3s per week by about this time of year. "7000 cars, circa 4 hours (heart) Ford Team (heart)" Armstrong wrote on his verified Twitter account, parodying a similar tweet from Musk about Tesla's weekly output. Model 3 production, which reached a total of 28,578 units, also exceeded the combined Model S and X production of 24,761 vehicles during Q2 2018.

Tesla confirmed the contents of the email.

Now, after producing 5,031 Model 3s in the past seven days, the company is raising its production goals for its cheapest vehicle yet - considered key to its future - to 6,000 a week.

One Tesla worker told Reuters that to hit the 5,000-a-week target, staff from other departments were drafted onto the Model 3 production line and breaks were staggered to keep it constantly running.

Musk - who turned 47 last week - has certainly pulled out all the stops to meet this latest Model 3 deadline, including building a new assembly line in a huge tent outside the main factory. "Whatever. It worked", he said.




Another worker speaking after the 5,000th auto was made described the factory as a "mass celebration". That brings total Q2 production to 53,339 vehicles, a 55 percent increase over the first quarter, and marks the company's most productive quarter to date.

Shares surged more than 5% when news of the production milestone crossed.

Hitting the target is another against-all-odds achievement for Musk, who first revealed the Model 3 in late 2016. Despite being lauded as Tesla's mass market electric auto costing $35,000, the cheapest models have yet to be produced. Monday's news pleased investors, with the stock up 5%.

Steady progress has enthused others, however, and Tesla's market value is close to that of General Motors. A year later, he was giving Electrek's Seth Weintraub a test drive in Tesla Model S P85D.

If Tesla managed to put off the 200,000th delivery until after June, tens of thousands more customers will have a chance to take advantage of the full credit.

Field came to Tesla in 2013 as a vice president of vehicle programs after a five-year stint in hardware engineering at Apple.

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