Tesla hits 5000-a-week Model 3 production goal

Tesla 'real car company' after hitting Model 3 goal, Musk says

So reads a celebratory email from Tesla CEO Elon Musk to employees after the company met a long-elusive production target of making 5,000 Model 3 sedans in a week, reports CNBC.

Customers queued in droves to place deposits to secure an order slot for a Model 3 when it was first announced.

"When we start to provide customers an opportunity to see and test drive the auto at their local store, we expect that our orders will grow faster than our production rate", the company said today.

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The company hit the Model 3 mark while also achieving its production goal of 7,000 Model S and Model X vehicles in a week, Musk said in the email.

Dave Sullivan, manager of product analysis at AutoPacific Inc. and a former manufacturing manager for Ford Motor Co., said reaching the 5,000-per-week won't make Tesla profitable by itself.

The worker also said some areas within the factory were shut down to divert their workers to help out on the Model 3, such as the Model S line.

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If it still needs to be said, statements of Tesla's expectations should be taken with a fairly hefty serving of salt. During the entire three-month period, Tesla made 28,578 Model 3 sedans, which is more than the 24,761 combined total of Model S and X vehicles produced in this time. More than 450,000 people had ordered Model 3 cars at the end of the first quarter. Given Tesla's history of missing deadlines, we'll have to see it to believe it. Wall Street analysts polled by Bloomberg have an average price target of $US314 for the stock, which is now trading near $US359 a share.

A Model 3 sedan, Tesla's first vehicle aimed at the mass market, is displayed during its launch in Hawthorne, California, US, March 31, 2016. Tesla looks to be trying to get out ahead of any speculation around quality of the latest batch, specifically those produced on the GA4 "tent" line. What's more, one motor will also act as a back-up for the other, so if one fails, you'll still be able to get to your destination.

"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". But the vast majority of those Model 3 vehicles were made in the second quarter of 2018. At the same time, Musk issued a voluntary recall of 123,000 Model S Teslas because of faulty power steering. The good news is that Tesla will start the third quarter with 11,166 Model 3 units in transit, up from 2,040 at the end of the first quarter. During that call, Musk lashed out at Wall Street analysts who asked about the company's quickly vanishing cash reserves, dubbing such queries as "boring, bonehead questions".

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