Tesla Hits Model 3 Manufacturing Milestone, Hours After Deadline: Factory Sources

03 July, 2018, 06:32 | Author: Sheri Evans
  • Tesla 'real car company' after hitting Model 3 goal, Musk says

Now, after producing 5,031 Model 3s in the past seven days, the company is raising its production goals for its cheapest vehicle yet - considered key to its future - to 6,000 a week.

Tesla stock initially jumped, then retreated Monday after the maker of electric vehicles said it hit the target for Model 3 production that Chief Executive Elon Musk said was critical for the company to reach profitability.

"We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible", he added.

That tally of short seller loses came before news that Tesla had reached its production target of 5,000 Model 3 vehicles a week in the final stretch of the second quarter. As noted by the company in its recent press release, however, the hardship over the past 12 months has been well worth it. Buyers are required to make a further $2,500 deposit to place a full order and customise their vehicle, as the company requires for its other models.

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As we have reported, the production of the Model 3 has been far from smooth for Tesla, with Musk himself repeatedly describing it as being in various levels of "hell," as problems with certain factory lines and auto components were nutted out.

Hitting the 5,000-a-week target is a major achievement for Musk, who first revealed the Model 3 in late 2016.

A photograph of employees signing a banner welcoming them to the "Model 3 5K Club" was deleted from Twitter and remains on Reddit. 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.

Despite the simpler design and feature set, Tesla has struggled to get production numbers to a sufficient level. Model 3 production for the three month period hit 28,578 cars - more than Model S and Model X combined - a three-fold increase over Q1.

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B skeptics say the production rate may not be sustainable.

Tesla managed to produce nearly three times the number of Model 3 in Q2 than it did in Q1 2018. Tesla employees and enthusiasts have been celebrating it while Wall Street is doubting the significance of it.

In April, the Center for Investigative Reporting detailed concerns about Tesla's Fremont factory conditions and underreported workplace injuries. Amid a cash crunch, Tesla has focused on Model 3 options with sticker prices in the $65,000+ range, as opposed to the more affordable $35,000 base model, which it has yet to begin building.

Field joined Tesla in 2013 and led production for the Model 3, which the company struggled to ramp up in the months after it was launched in July 2017.

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