Published: Mon, July 02, 2018
Markets | By Noel Gibbs

Tesla 'real auto company' after hitting Model 3 goal, Musk says

Tesla 'real auto company' after hitting Model 3 goal, Musk says

Elecktrek obtained an email sent by Tesla CEO Elon Musk to staff congratulating them on exceeding the company's goal of manufacturing 5,000 Model 3 cars and 2,000 other Tesla vehicles in a single week. For the first time, Model 3 production (28,578) exceeded combined Model S and X production (24,761), and we produced nearly three times the amount of Model 3s than we did in Q1.

"What's more, with the widespread productivity gains throughout Tesla and the new production lines spooling up, we are on track to reach 6K/week for Model 3 next month".

In early June, Mr Musk said it was "quite likely" that Tesla could deliver 5,000 Model 3s per week by the end of quarter. While that figure has been achieved (minus a few hours), it remains to be seen if Tesla can keep up this pace due to battery issues and an over-reliance on automation that has plagued Model 3 production since July 2017.

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The announcement of Tesla's production milestone for the Model 3 appears to have provided a boost to investors' sentiments. After all, producing 5,000 units of one vehicle in a week is far from unheard of in the auto industry, and the company had to pull out all the stops to get to this point, including constructing a tent and makeshift assembly line next to its factory. To put some context to how remarkable it would be for Tesla to hit that figure, it was considered news just over three years ago when Tesla made 11,160 cars total in the whole of Q1, and when you add up all electric and plug-in hybrid vehicles sold in the United States by any manufacturer in the whole of March (a record month of sales), you only get 26,373.

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.

Musk said that Tesla was targeting 6,000 Model 3s a week in the next month. Intense in tents. Transporting entire production lines across the world in massive cargo planes. It's also unclear how much longer the company will need this line and the tent, or if more outdoor assembly systems will be necessary to reach future targets. With the latest batch of new vehicle identification numbers, Tesla has registered a total of 62,557 Model 3 to date.

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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.

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.

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

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