Sunday, 22 July, 2018

CEO Musk: Tesla hits weekly goal of making 5000 Models 3s

Tesla 'real car company' after hitting Model 3 goal, Musk says Tesla has met its Model 3 production goals
Lindsey Cook | 03 July, 2018, 00:51

CEO Elon Musk sent an e-mail to company employees Sunday praising them for producing 5,000 Model 3s, a compact vehicle that's created to shift Tesla from a niche manufacturer to a mainstream automaker.

Musk has said production of the long-awaited base Model 3, which is supposed to cost $35,000 won't start for another three to four months. "Not only did we factory gate over 5,000 Model 3's, but we also achieved the S & X production target for a combined 7,000 vehicle week!"

The Model 3 is Tesla's more affordable electric auto aimed at the mass-market. As CNBC notes in their report, Tesla is known for "burst builds" in which it temporarily pushes production to the maximum in order to calculate future capacity-it's certainly not inconceivable that having met its self-imposed deadline, Tesla will now fall back to a slightly more sustainable rate.

Wall Street was divided on whether Musk and Tesla could pull it off. "It is an honour", Musk said in his email to employees. Since then Elon Musk, the automaker's CEO, has gone to extremes to fulfill his promise of making 5,000 cars a week by the end of June.

The statement said that the regular Model 3 assembly line alone should be able to reach 5,000 cars a week "soon", but that the new GA4 assembly line will eventually help the company exceed that rate. "I think we just became a real auto company." he reportedly said in the memo.

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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". Between May and June, Tesla builds an entirely new general assembly line in one of the vehicle parks of its Fremont factory in California, in order to reach the weekly deadline. Last month, Musk said the carmaker should achieve its target by the end of June. It has only reported two profitable quarters in eight years as a public company and is deep in debt. Tesla expects more orders for the compact electric auto to ramp once more once test drives for the Model 3 start getting offered in Tesla stores in the near future. At the time, Tesla was producing 3,500 of the vehicles per week, he said. That was responsible for around 20-percent of the Model 3 produced in the final week.

Pricing starts at $35,000 for the auto, and about 450,000 have been pre-ordered by consumers.

Tesla opened the floodgates last week, inviting all Model 3 reservation holders in the USA and Canada to configure their vehicle and put in their order, a step that costs $2,500.

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. The company had failed to meet any of its production and delivery targets for the Model 3 up until now.

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