Last summer, Musk set a production goal of 20,000 Model 3's per week for the end of 2017 - and 500,000 for all of 2018. In an effort to show sustainability/ improvement, company indicated 6k Model 3s/week expected late next month.
Tesla, which Chief Executive Elon Musk hailed on Sunday as having become a "real auto company", said it now expects to boost production to 6,000 Model 3s per week by late August, signalling confidence about resolving technical and assembly issues that have plagued the company for months. In terms of sales, it still blows away other electric-car companies in the U.S. And on Monday, the head of Panasonic's automotive business, Yoshio Ito, said the company would "consider additional investment" in Tesla's Gigafactory. To reach its goal Tesla added to its manufacturing line by building cars temporarily under a tent.
CFRA Research analyst Efraim Levy lowered his rating on Tesla shares from "Hold" to "Sell", saying he doesn't see the production rate as "operationally or financially sustainable" in the short term. The boost in productivity has been attributed to GA4, the new Tesla production line which is located in a tent.
Wall Street was divided on whether Musk and Tesla could pull it off.
Tesla also raised its production target for the Model 3, its first mass-produced electric vehicle.
In the second quarter, Tesla delivered 40,740 vehicles.
Tesla filed a lawsuit this week against a former employee that Elon Musk claimed had engaged in sabotage, in a companywide email sent by the Tesla CEO last week.
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The Model 3, which starts at USA $35,000, is the key to turning Tesla from a niche maker of expensive electric cars to a profitable, mass-market automaker.
Reaching the 5,000-unit target represents a doubling of weekly production since Tesla's first quarter production rate for the Model 3.
"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".
"We did it!" Musk proclaimed in an email to employees obtained by Bloomberg News on Sunday. This could denote that the pickup will be less of a luxury product and more of a genuine work vehicle, and we hope it will be priced accordingly.
If we are to solve the great challenges of the twenty-first century - whether overpopulation, democratic disruption, new antibiotic-resistant diseases, or shortages of resources - it will be thanks to innovators like Musk, who think not just outside the box, but in an entirely different box-free universe.
The Model 3 push has been tough for the company. But for years, the key question for Tesla was could it deliver consumers a more affordable EV for the masses.