Tesla storms past Model 3 production goal

Tesla storms past Model 3 production goal

They reported the 5,000th vehicle rolled out of the Fremont, California, factory at about 5 a.m. local time on Sunday morning, so merely five hours late.

Despite almost meeting the Q2 goal, it's unclear if Tesla can continue producing Model 3s at the same pace or faster moving forward.

CEO Elon Musk sent an e-mail to company employees Sunday praising them for producing 5,000 Model 3s, a compact vehicle that's created to shift Tesla from a niche manufacturer to a mainstream automaker. According to the company, it expects to increase its manufacturing rate to 6,000 Model 3 per week by late next month.

Doug Field - who previously served head of Tesla Model 3 production until his April reassignment by CEO Elon Musk - opted to take a leave of absence in May in order to spend time with family and recover his energy.

But the stock sank after several analysts questioned whether Tesla would be able to sustain the Model 3 production momentum, which is crucial for the long-term financial health of the company.

Tesla confirmed the contents of the email.

Q2 deliveries totaled 40,740 vehicles, of which 18,440 were Model 3, 10,930 were Model S, and 11,370 were Model X. As noted by Tesla, both orders and deliveries for the flagship luxury sedan and SUV were higher in Q2 than a year ago. Production of the Model 3 had been a hot topic for the past 12 months since assembly of the compact electric sedan began, and as Tesla dealt with a significant number of logistical and technological challenges to achieve the expected production levels. Tesla said the conventional assembly line, known as GA3, can reach a production rate of 5,000 Model 3s a week alone, but that the new GA4 line helped achieve that goal faster, and will help exceed that rate.

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Another worker speaking after the 5,000th auto was made described the factory as a "mass celebration".

Tesla reaffirmed its guide for positive GAAP net income and cash flow in Q3 and Q4, which is in line with our estimates, but we believe much more optimistic than many investors continue to assume. "These cuts were nearly entirely made from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months".

Tesla Inc. made 5,031 lower-priced Model 3 electric cars during the last week of June, surpassing its often-missed goal of 5,000 per week.

Steady progress has enthused others, however, and Tesla's market value is close to that of General Motors Co.

It's also a relief for customers who have waited for their cars for more than two years.

Musk cut 9% of Tesla's workforce in June, the largest job reduction in its 15-year-history. It laid off nine percent of its workforce, endured at least two fires at its Fremont, California plant and accused a former employee of engaging in sabotage for speaking to the media. Musk says that the standard AWD Model 3 will cost $5000 more than the single-motored auto, and will get to 60mph from a standstill in just 4.5 seconds. Hitting the 5,000 mark "was not easy but it was definitely worth it", the statement said.

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