The production ramp-up for the Model 3, on which Tesla has pinned its hopes of becoming a mainstream carmaker, has proved challenging, with the company failing to reach its original deadline at the end of 2017.
According to Elon Musk, Tesla "just became a real vehicle company". Tesla CEO Elon Musk tweeted later that day the company had produced 7,000 vehicles in a week, a figure that includes Model S and X vehicles as well.
"We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible", he added.
Shares of Tesla Inc. reversed course to trade down 4 per cent on Monday after Wall Street analysts questioned the electric auto maker's ability to maintain an increase in production that helped it meet a long-elusive target of making 5,000 Model 3 vehicles per week. The Model 3, by comparison, is a bargain at just $35,000.
In early April, The Information released a report that claimed there was turmoil at the upper levels of Tesla's management team. 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. Musk has repeatedly said the company would not have to raise cash this year. Tesla stated GA4 was responsible for 20% of the Model 3s in the last week suggesting a rate of ~1k/week for the tent and ~4k/week for GA3.
In the past, Tesla has said that it's been able to boost production by idling its factories for short periods of time to address bottlenecks and upgrade equipment.
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For the second calendar quarter, Tesla says it produced a total of 28,578 Model 3 cars-almost triple the 9,766 it produced in the first quarter and vastly more than it produced a year ago.
"Model 3 production had already significantly increased over those 6 months, but Tesla had heavily invested into a production capacity of over 5,000 units per week and it needed to get there in order to turn a profit on the vehicle program".
Tesla first wanted the call the Model 3 - Model E. It would have joined the models S and X in Tesla's lineup to make "S-E-X" with the Model Y to follow later.
"In the interim, we do not see this production rate as operationally or financially sustainable", said CFRA analyst Efraim Levy.
Tesla made true on its promise of building 5,000 Model 3 sedans in a week, it said Sunday. But for years, the key question for Tesla was could it deliver consumers a more affordable EV for the masses.
The electric automaker faced Wall Street skepticism in the last few months due to forecasts of how much cash it was burning through every quarter, and how much cash it would need to keep production going.