Tesla releases official production numbers: 53,339 vehicles including 28,578 Model 3’s

Tesla releases official production numbers: 53,339 vehicles including 28,578 Model 3’s”

Tesla met its production goals for the Model 3 last week, producing a total of 5,000 vehicles.

The new milestone - despite being put in rather harsh perspective by Ford CEO Steven Armstrong (see Tweet below) - is important for Tesla, to reassure both shareholders about its mass production capability, and customers, who have been waiting patiently for delivery of their Model 3 since this time past year.

As we have reported, the production of the Model 3 has been far from smooth for Tesla, with Musk himself repeatedly describing it as being in various levels of "hell," as problems with certain factory lines and vehicle components were nutted out.

Tesla's second quarter accomplishment represents an important milestone for the electric auto manufacturer.

The last 12 months were some of the most hard in Tesla's history, and we are incredibly proud of the whole Tesla team for achieving the 5,000 unit Model 3 production rate.

In a photograph from May, a 2018 Tesla Model 3 sits at a dealership in Littleton, Colo. For the first time, Model 3 production (28,578) exceeded combined Model S and X production (24,761), and we produced nearly three times the amount of Model 3s than we did in Q1. Having blamed delays on "excessive automation" and being forced to conduct several shutdowns to correct issues, Tesla built a large, semi-permanent tent at the factory to house another assembly line. Tesla also expects to produce 6,000 Model 3 sedans a week "next month". The company said the new general assembly line was responsible for about 20 percent of Model 3s produced last week.

No standard automotive solution could be built in time, so we created a new solution. 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. Intense in tents. Transporting entire production lines across the world in massive cargo planes. Including Model S and X production, the company had a "7000 vehicle week", he wrote.

The remaining net Model 3 reservations count at the end of Q2 still stood at roughly 420,000 even though we have now delivered 28,386 Model 3 vehicles to date.

The standard battery version of the vehicle that starts at $35,000 still isn't available in the design studio, so anxious customers can either order a higher-priced Model 3, continue to wait, or cancel their order.

The company's shares could hit $400, Damodaran said, but Musk would need to increase revenues from $12.5bn to $120bn in the next decade, invest more efficiently than the rest of the sector and meet debt commitments.

It's not clear how numerous 450,000 who put down a $1,000 refundable deposit did so on the basis of the $35,000 asking price.

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