Tesla made 5,031 Model 3s in a week

02 July, 2018, 19:09 | Author: Mary Valdez
  • Tesla 'real car company' after hitting Model 3 goal, Musk says

Most recently in May, Tesla said that despite the delivery delays, its net Model 3 reservations - accounting for new orders and cancellations - exceeded 450,000 at the end of the first quarter. Tesla shut down the manufacturing line and set up a pop-up tent assembly line to make it happen.

Shares surged more than 5% when news of the production milestone crossed. Are more shutdowns in store, or does Tesla think it's achieved a steady rate of production? Tesla's stock is up about three percent in the wake of the announcement.

In an email sent to employees, Musk said that the company had reached its production target for the Model 3 and is aiming to produce 6000 Model 3s a week in July. " 3 Tesla Team 3".

"We did it!", Musk wrote in the email to employees.

Workers had been alternating two, 12-hour shifts per day to ramp up production, according to recent reports. Augmented with GA4, the Model 3's newest assembly line set up in the massive sprung structure on the grounds of the Fremont factory, however, Tesla noted that it was able to hit its production target for the compact electric auto faster.

Optimism about the Model 3 transforming Tesla into a much bigger carmaker that sells to the mass auto market sent the company's market capitalization past Ford Motor Co and General Motors Co. for the first time previous year.

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Tesla has struggled to meet its self-imposed goal of producing 5,000 of the vehicles per week since the beginning of the year. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

In a photograph from May, a 2018 Tesla Model 3 sits at a dealership in Littleton, Colo.

Short sellers lost over $2 billion in June due to Tesla's rising share price and this latest achievement could buoy the company's shares at market open on Monday. The 7,000 total includes all other cars Tesla now produces.

Musk being Musk, he says Tesla will be able to build on the pace and get up to 6,000 Model 3s a week by the end of "next month".

The last 12 months were some of the most hard in Tesla's history, and we are incredibly proud of the whole Tesla team for achieving the 5,000 unit Model 3 production rate.

If you're wondering how many folks are still sitting on Model 3 reservations, the answer is "a lot, apparently".

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