Tesla hits breakthrough production goal for Model 3

(FinancialPress) — At long last – Tesla has made good on its promise to investors. The company has reached its production goal for its Model 3 vehicle.
The company‘s regulatory filing submitted this week reveals it produced 5,031 Model 3s vehicles; thus closing off Q2 with a veritable landmark moment.
Not one to sleep in the laurels, Elon Musk‘s company upped the ante and said that the new production goal is 6,000 units per week. They aim to reach the new number by the end of August.
Third time was the charm, as the Model 3 had failed to reach production targets twice before. Musk stayed firm in his stance on production goals though, and promised investors that the company would be producing 5,000 units per week by approximately the time it ultimately did.

The filing elaborates on the subject “The last 12 months were some of the most difficult in Tesla’s history, and we are incredibly proud of the whole Tesla team… It was not easy, but it was definitely worth it.”

The filing was preceded by a Musk tweet in which it revealed that the company had made 7,000 cars in the past 7 days. To round up that number, added to the Model 3, 1,913 units of Models S and X were made.

Musk sent a personal missive to his Tesla staffers, in which he reportedly said “I think we just became a real car company….”

The company did not immediately return a request for comment.

Tesla‘s standing

The news was met with excitement from investors, sending company stock soaring a full 5% after the news broke. It was a big test for Elon‘s company – and it was passed with flying colors.

In eight years, Tesla has posted a profit in only two quarters. The company is in deep debt and the upcoming quarterly results will be critical to its sustenance. Critics questioning the company‘s viability are aplenty, but Musk has deflected their remarks and forecasted that the company will become profitable by Q3 and Q4 2018. He firmly defends that there will not be need for another round of fundraising.

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