Not everyone is impressed by Tesla’s new Model 3 production record

Alicia Cross
July 3, 2018

Tesla had stated in the past that they would produce 5,000 Model 3 cars a week by the end of the second quarter of the year.

Tesla reached its milestone of building 5000 Model 3 vehicles in the final week of the quarter and in the process became "a real auto company", chief executive Elon Musk said.

Tesla filed a lawsuit this week against a former employee that Elon Musk claimed had engaged in sabotage, in a companywide email sent by the Tesla CEO last week.

If we are to solve the great challenges of the twenty-first century - whether overpopulation, democratic disruption, new antibiotic-resistant diseases, or shortages of resources - it will be thanks to innovators like Musk, who think not just outside the box, but in an entirely different box-free universe.

Not only did we factory gate over 5000 Model 3's, but we also achieved the S & X production target for a combined 7000 vehicle week! Of course, it shouldn't come as much of a surprise that not everyone is impressed by Tesla's latest achievement. In recent weeks, company executives concluded they could produce Model 3 underbodies with fewer spot welds than they had been using.

Despite the pop, shares quickly turned negative once Tesla confirmed the Model 3 milestone in a regulatory filing Monday morning that said it built 5,031 Model 3 vehicles in the last week of the quarter.

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The Goldman Sachs analyst David Tamberrino warned in June that Tesla would most likely miss its Model 3 targets, echoing the scepticism of many of his peers. Tesla targeted production of 5,000 Model 3s per week by the end of Q2.

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.

This break occurs several months after Field was removed from his position as head of Model 3 production and replaced by Elon Musk. Last July, when rolling out the first production cars for customers, Musk said the Model 3 would have an extended range version - 310 miles - for $44,000. "I don't believe their goal was to simply hit 5,000 a week and somehow revert to a lower production rate in the future", Albertine said.

Now the cheapest Model 3 that can be ordered costs around US$49,000, and they can run upward of U.S. $70,000. That puts Tesla right where Musk promised. Tesla recently opened up its order system to those in the United States and Canada with Model 3 reservations.

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. Tesla's goal of reaching 20,000 Model 3s per month seemed insurmountable, but it's done that and more.

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