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Tesla Production Hits 7K Cars a Week

03 July 2018

Tesla spiked as much as 6% in early trading Monday after the electric-car maker reached its goal of producing 5,000 Model 3 sedans in a week, just hours after its self-imposed deadline.

"We did it!" CEO Elon Musk announced in an email to Tesla employees Sunday afternoon, which Bloomberg published in its entirety.

"We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible", he added. Sure enough, the goal was reached in time, but Elon Musk also confirmed via Twitter that Tesla produced 7,000 cars last week. The high number of customer vehicles in transit for Model 3 was primarily due to a significant increase in production towards the end of the quarter.

The company has been beset by controversy in recent weeks, as Musk accused former employees of sabotage after a small fire on one production line and filed a lawsuit against another for orchestrating a data leak to the press.

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"We did it! What an incredible job by an awesome team", Musk wrote to employees in an email. Statements from officials say that, despite being built in a tent, the Model 3s that roll off that line are "as good as" those coming off GA3.

According to a report by BBC, the 5,000th vehicle of the week rolled off the production line on Sunday morning. However, the lower-priced model is considered crucial to ensuring Tesla becomes a mass market auto company competing with Ford and VW, rather than a more niche electric vehicle company competing with high-end manufacturers such as Porsche. Tesla has been using temporary periods of fast-as-possible production called "burst builds" to estimate how many cars it is capable of building over an extended timeframe.

The carmaker's short sellers, those who put money on a stock declining in value, lost roughly $2.5 billion on paper in the month of June, according to data from Ihor Dusaniwsky, managing director of predictive analytics at financial technology firm, S3 Partners.

The standard battery version of the auto that starts at $35,000 still isn't available in the design studio, so anxious customers can either order a higher-priced Model 3, continue to wait, or cancel their order.

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Q2 production totaled 53,339 vehicles, a 55% increase from Q1, making it the most productive quarter in Tesla history by far. "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".

Model 3 production tripled to 28,578 in the company's second quarter from the previous quarter, Tesla said.

Field came to Tesla in 2013 as a vice president of vehicle programs after a five-year stint in hardware engineering at Apple.

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Tesla Production Hits 7K Cars a Week