Published: Tue, July 03, 2018
Markets | By Josh Butler

Tesla hits 5,000 Model 3 production target

Tesla hits 5,000 Model 3 production target

United States electric vehicle maker Tesla has turned out 5,000 Model 3 sedans in the space of one week, meeting its long-promised production goal just hours after the company's latest self-imposed deadline of midnight on Sunday.

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.

"We did it!" Musk said in his email to Tesla employees Sunday evening, obtained by Bloomberg. In the email, Musk noted that the company had also achieved its production goals of 7,000 Model S and X vehicles in that same week.

Model 3 production has now tripled to a total of 28,578 cars in the second quarter, as its remaining net reservations stands at roughly 420,000. 18,440 of those were the Model 3, with the Model S (10,930) and Model X (11,370) making up the rest of the numbers. The word at the time was that he had not left the company, but not, according to a Tesla representative, that has changed.

"We are actually breaking them to see what the maximum limit is", Mr. Mwangi said.

The production milestone was hit at about 5 a.m. PT on Sunday, a few hours after the company's self-imposed deadline, Reuters reported.

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And at least three Democrats facing reelection in states that Trump won may be willing to break with their party, too. Trump's first pick for the Supreme Court , Neil Gorsuch , is the youngest of the justices at age 50. "I said, 'Mr.

To meet its goal, Tesla had set up a new production line inside a tent on the campus of its Fremont factory. Tesla said cash from Model 3 sales will pay the bills and drive profits. Augmented with GA4, the Model 3's newest assembly line set up in the massive sprung structure on the grounds of the Fremont factory, however, Tesla noted that it was able to hit its production target for the compact electric vehicle faster.

Short sellers lost over $2 billion in June due to Tesla's rising share price and this latest achievement could buoy the company's shares at market open on Monday. The electric auto company sees the vehicle as a way to further scale its business, by stepping beyond the luxury market. Tesla also expects to produce 6,000 Model 3 sedans a week "next month".

A photograph of employees signing a banner welcoming them to the "Model 3 5K Club" was deleted from Twitter and remains on Reddit. "Many have been waiting since March of 2016, when Tesla began taking orders with a $1,000 refundable deposit". China had previously planned to reduce its existing imported auto tariff from 25 percent to 15 percent, but these new tariffs will now add to a total 40 percent tariff for American-made vehicles.

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.

June was turbulent for Tesla.

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