Elon Musk Hails Tesla Reaching Goal Of 5000 Model 3s A Week

3 sedan is displayed during its launch in Hawthorne

Elon Musk Hails Tesla Reaching Goal Of 5000 Model 3s A Week

Tesla on Monday touted record second quarter production numbers for the Model 3 alongside continued strong output of the more expensive Model S and Model X. For the final week of June, Tesla says it produced 5,031 Model 3 and 1,913 Model S and Model X vehicles.

"We did it! What an incredible job by an wonderful team", CEO Elon Musk wrote to employees on Sunday. "We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible". For the first time, Model 3 production (28,578) exceeded combined Model S and X production (24,761), and we produced nearly three times the amount of Model 3s than we did in Q1.

Money-losing Tesla has been burning through cash to produce the Model 3, and delays have also potentially compromised Tesla's first-to-market position for a mid-priced, long-range battery electric auto as a host of competitors prepare to launch rival vehicles.

Analyst Brian Johnson of Barclays warned investors in March to be wary of brief "burst rates" of Model 3 production that were not sustainable.

TipRanks indicates Wall Street is evenly split between a battle of bulls vs. bears on this electro auto giant giant.

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Mr Musk said in an email: "We did it!"

The 5,000th auto of the week rolled off the production line on Sunday morning, according to Reuters.

Production issues surrounding the Model 3 - heralded as Tesla's first "mass market" auto - have plagued the company since the vehicle's launch.

To meet its goal, Tesla had set up a new production line inside a tent on the campus of its Fremont factory.

Tesla also said that it expects to build 6,000 Model 3 sedans per week by the end of August. Reaching that goal required building a tent outside of the factory to house an all-new assembly line, pulling workers away from the Model S and Model X production lines, and running two 12-hour shifts every day of the week.

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The company is spending cash at a hefty clip, which recently forced a 9% reduction in staff. Tesla's cash burn and debt load are among the reasons it's one of the most shorted stocks on Wall Street.

The company produced just 2,425 in the fourth quarter.

In context: Tesla still has a substantial backlog of Model 3 pre-orders to wade through and the company's future is by no means guaranteed but it's a step in the right direction nevertheless. Model 3 Dual Motor All Wheel Drive and Model 3 Dual Motor All Wheel Drive Performance cars will also be available in our stores shortly. Once the cars were being produced in volume, Tesla briefly enjoyed profits-until Tesla began production on the next model and the cycle of losses started over again.

The electric auto maker manufactured 5,000 Model 3 cars in the last week of June, Reuters reported Sunday.

In another bid to push the limits of technology, Tesla at times pulls robots off the line and tests them operating at speeds greater than specified by the supplier, said Charles Mwangi, Tesla's director of body engineering.

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Tesla made true on its promise of building 5,000 Model 3 sedans in a week, it said Sunday.

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