Sci-tech

Fourfold increase in Tesla Model 3 production as Musk takes the wheel

Fourfold increase in Tesla Model 3 production as Musk takes the wheel”

Concerns over the company's finances had been rife, with the credit rating agency Moody's downgrading Tesla's rating last week. Estimates are from analysts that the company has a few months more to live, given its cash reserves, before the firm will be forced to tap equity or debt markets once again.

Add to that, Musk sleeping at the Tesla Motors' Nevada-based gigafactory, possibly, the company can hope to achieve its target of 5,000 units of Model 3 per week.

Invest wisely, my friends. The company made 9,766 units of the mass-market Model 3 sedan, a fourfold increase over the previous quarter.

The Bolt EV is officially the next best-selling all-electric vehicle in the U.S., but the Model S and Model X are likely second and third, which would mean Tesla most likely has the 3 best-selling electric auto models in the US.

While Tesla had promised to reach 2,500 cars a week in the first quarter which ended March 31, the Model 3 weekly numbers it gave were for the seven days to April 2.

In a statement, Tesla said that it produced 34,494 vehicles in the first quarter of 2018, comprising 24,728 Model S and X cars, plus 9766 Model 3s.

"The TP reduction is largely a reflection of the on-going delays to the ramp to reach c10k units a week and a time when Model 3 gross margins begin to normalize, with scale". From March 2016, when consumers were first given the green light to place their $1,000 pre-orders for the Model 3, to today, the road has been a bumpy one for the company and the model. The comment came after Musk took issue with a report published on The Information news website, claiming that he was not in good terms with Doug Field, the company's senior engineering vice president. "Nevertheless, we believe it is hard to be more constructive on the stock until there is greater evidence supporting when the 5k units a week can be achieved". What took our team five years for S/X, took only nine months for Model 3.

If Tesla can indeed maintain its current production rate, it will crush its last results and there is no other EV that is expected to catch up.

Based on this estimation, it would mean that Tesla delivered between ~4,700 and ~5,900 Model S vehicles and between ~4,000 and ~5,000 Model X vehicles in the USA during the first quarter.

Elon is also increasingly under strain as he gets the Model Y into production, builds the Tesla Semi and the second-generation Roadster, completing the Supercharger network, boring tunnels underground, making solar roof tiles, and launching rockets.



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