Published: Tue, July 03, 2018
Markets | By Erika Turner

Tesla hits 5,000-unit weekly production for Model 3

Tesla hits 5,000-unit weekly production for Model 3

In a suddenly escalating war of words with Tesla, Ford PR has chosen to Go Further.Elon Musk on Wednesday took a jab at his MI rival in an interview with The Wall Street Journal when he said.

The remaining net Model 3 reservations at the end of the second quarter stood at roughly 420,000, the company said.

"We did it!" Musk wrote in an email to the company, as reported on the website Electrek, which follows Tesla closely.

The mass-market sedan is engineered for highly automated production, dismissing traditional processes in favor of new manufacturing technologies.

He believes that Model 3 demand remains strong, and that Tesla didn't trigger the phase out of its federal tax credit, linked to its 200,000th delivery, in the second quarter.

David Kudla, founder and chief executive of Mainstay Capital Management in Grand Blanc, Michigan, said Monday's news did not change his recommendation to short Tesla stock. Tesla hopes to increase production to 6,000 Model 3s per week by late August.

FILE PHOTO: A tent is seen at the Tesla factory in Fremont, California, U.S. June 22, 2018.

In a note to investors on Monday, Analyst Trip Chowdhry of Global Equities said that in the preceding week, Tesla produced 5,000 of its Model 3 cars, along with a combined total of 2,000 Model S and Model X vehicles.

Temperatures to creep close to 100 during heat wave
The National Weather Service and AccuWeather both are predicting a chance of showers and thunderstorms sometime after 2 p.m. Highs on Thursday are expected to be near 100 degrees, with it feeling as hot as 112 degrees because of the high humidity.

Shares of Tesla, which closed on Friday at $342.95, are up 40 percent since a year low in April.

Panasonic said Tesla's Model 3 push had created battery cell shortages.

Field came to Tesla in 2013 as a vice president of vehicle programs after a five-year stint in hardware engineering at Apple.

"He (Musk) is gonna go through an terrible lot of people because people are gonna start getting hurt left and right", by the fast-moving assembly line, the worker said.

"We expect that GA3 alone can reach a production rate of 5,000 Model 3s per week soon, but GA4 helped to get us there faster and will also help to exceed that rate", Tesla said in a statement released Monday.

After working around the clock for weeks on end to surpass a production goal, Tesla pausing some Model 3 production this week, according to people familiar with the matter. Both orders and deliveries for Model S and X were higher in Q2 than a year ago.

Other Wall Street analysts, however, had far different outlooks. Yet Bloomberg later revealed that Tesla met the target by radically increasing labor input, including moving production to three-shifts-per-day, seven days a week.

Bottom line, "Stock likely to experience some relief on achieving 5k Model 3/week since if this pace can be repeated, Tesla should turn into a self- funding company".

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