Tesla Inc. (TSLA) rolled out 7,000 cars during the last week of its second quarter, including 5,000 Model 3 electric sedans. "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", he said.
"We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible", he continued.
Tesla hit a key milestone in the second quarter, managing to hit a 5,000-per-week production target for its important Model 3 electric vehicle.
Surprisingly, this is a promise Tesla has (almost) delivered on. That figured also overshadowed the combined production of the Model S and X, which stood at 24,761.
TipRanks indicates Wall Street is evenly split between a battle of bulls vs. bears on this electro vehicle giant giant.
"We are actually breaking them to see what the maximum limit is", Mr. Mwangi said.
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.
The production milestone was hit at about 5 a.m. PT on Sunday, a few hours after the company's self-imposed deadline, Reuters reported.
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"Intense in tents [This refers to a third Model 3 production line that was reportedly being built outside of the factory, under a massive tent.] Transporting entire production lines across the world in massive cargo planes". Over the past year, Tesla has struggled to ramp up the production of the compact electric sedan, with CEO Elon Musk dubbing the challenge as "production hell".
The company expects to increase production to 6,000 Model 3s per week by late next month. The company has never posted a profit before and has been burning cash at worrying rates, with US$1 billion spent during the first quarter of this year alone. When we start to provide customers an opportunity to see and test drive the vehicle at their local store, we expect that our orders will grow faster than our production rate. At the time, Musk stated in a tweet, "My job as CEO is to focus on what's most critical, which is now Model 3 production".
The company reports it still holds 420,000 Model 3 reservations.
Tesla nearly reached its targets for Model 3 production last night, making it just a few hours after midnight passed yesterday morning in a reveal that boosted its share price by 4.5 per cent.
Tesla's production and delivery press release for Q2 2018 can be accessed here.