Tesla finally hits weekly production target for Model 3 cars


Couldn't be more proud to work with you. Our Model 3 weekly production rate also more than doubled during the quarter, and we did so without compromising quality. Midway through last month, however, Musk revealed on Twitter that the first Model 3 Performance has rolled off from a new assembly line, which was set up in a sprung structure on the grounds of the Fremont factory.

In the email, Musk wrote that production could hit 6,000 Model 3s a week by next month. A leaked email from Elon Musk later specified that the 7,000-vehicle output was comprised of 5,000 Model 3 and 2,000 Model S and Model X.

Production delays have caused Tesla to burn through at least $1bn (£760m) as it struggled to ramp up production.

The Los Angeles Times writes, "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 a year ago".

"I think we just became a real auto company", Mr Musk wrote.

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The electric automaker made a promise it could build 5000 Model 3s a week before the end of the second quarter.

The latest Model 3 VIN registrations come amid Tesla's announcement that it has effectively hit a production rate of 5,000 Model 3 per week.

"Reaching it is one thing", said Dave Sullivan, the product analysis manager at market research firm AutoPacific Inc.

In early June, Musk told shareholders at Tesla's annual meeting that he was feeling optimistic about Model 3 production thanks to a third general assembly line. "Consistently producing 5,000 per week with outstanding quality is another".

The announcement of Tesla's production milestone for the Model 3 appears to have provided a boost to investors' sentiments.

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The company regularly engages in so-called "burst builds", temporary periods of fast-as-possible production, which it uses to estimate how many cars it is capable of building over longer periods of time. It is not clear how numerous orders are for the higher-priced versions.

Despite touting the Model 3 as a $35,000 vehicle, Tesla has yet to begin building that basic version and instead is now building a higher-priced version.

Q2 deliveries totaled 40,740 vehicles, of which 18,440 were Model 3, 10,930 were Model S, and 11,370 were Model X. Model S and X deliveries are in line with our guidance provided on May 3.

When first unveiled in March 2016, the Model 3 generated thousands of reservations from consumers in an unprecedented show of support for the new vehicle.

The new deposits will provide a much-needed cash injection into the company to the tune of millions, depending on how many reservation holders go through with the purchase.

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