Tesla again halts Model 3 production

19 April, 2018, 02:07 | Author: Sheri Evans
  • Tesla Model 3 out the assembly line is seen in this undated handout

"As part of the drive towards 6k, all Model 3 production at Fremont will move to 24/7 operations", Musk wrote. Its price - more affordable - starting $ 35,000, prompted many people to pre-order the model, the company having assured that it would be able to produce 5,000 new cars each week.

The announcement to increase the production of Model 3 to more than 3,000 per week came three days after Musk expressed confidence he could speed up the production.

"While further delays would not necessarily "make or break" Tesla, they will invariably exacerbate cash burn", wrote Sacconaghi, who rates the stock as "market perform".

The Model 3 is key to Tesla's efforts to generate enough revenue to pay off investors and increase development of other electric vehicles.

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The shutdown of the assembly line was meant to improve automation and systematically address bottlenecks to increase production, a normal move by auto companies, Tesla said on Monday. The goal is to reach 5,000 per week no later than June 30, but in order to achieve that and allow for a margin of error, Musk is setting the new goal of 6,000 per week by that date.

According to TechCrunch, more than $1k was raised as of publication to get the nearly $20 Billionaire a new bedtime sofa - a very socially responsible donation and in no way offensive to those working extra Postmates shifts so they can afford a used couch off Craigslist.

FILE PHOTO: First production model of Tesla Model 3 out the assembly line in Fremont, California, U.S.is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017.

As Electrek reports, in the letter Musk confirmed that Model 3 production had reached 2,000 per week, which is double that attained in January.

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According to Bloomberg, Tesla churns through about $480,000 every hour, which works to about $1 billion a quarter.

Elon Musk also announced plans to hire 400 people per week for several weeks at the Freemont facility and the Gigafactory in Nevada.

The company said the move was a planned production pause of up to five days. Musk said earlier this month that the company will be profitable in 2018.

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