Economy

Tesla Just Barely Achieved Its Model 3 Production Goal in Q2

Tesla Just Barely Achieved Its Model 3 Production Goal in Q2

Musk has said he plans to double Model 3 production to 10,000 as it adds a third production line at its Fremont, Calif., manufacturing plant. Investors have closely watched the Model 3's development, considering it an important opportunity for Tesla to reach a broader market.

As such, Spak reiterates a Sector Perform rating on Tesla stock, with a price target of $280, which represents a potential downside of almost 20% from where the stock is now trading. "We expect that GA3 alone can reach a production rate of 5,000 Model 3s per week soon", the automaker said today, "but GA4 helped to get us there faster and will also help to exceed that rate".

More than two years ago, Musk said the Model 3 would have a range greater than 200 miles and a retail cost of $35,000 (without any tax credits or subsidies). But the vast majority of those Model 3 vehicles were made in the second quarter of 2018. "The paint department can't handle the volume". Despite hitting that production number, Tesla missed the consensus forecast for Model 3 deliveries in the quarter as a whole by nearly 12,000, or 39 percent (this may also reflect a strategic move to limit deliveries in order to extend federal subsidies). It built 49,489 of those cars in the first half of this year.

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Asked about the potential S and X impact, Tesla said it also produced 1,913 of those vehicles during the last week of the quarter along with its Model 3s.

Tesla has finally made good on a pledge to build 5,000 Model 3 electric cars per week.

Last week's big push also brought a rewrite of the employee attendance policy.

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"This is very positive news for Tesla because the Model 3 takes them from a niche core producer to a mainstream automobile manufacturer", Tigress Financial Partners analyst Ivan Feinseth said.

Some employees are anxious the frenetic pace plus long hours could burn out workers.

The goal was met thanks to around-the-clock shifts and a makeshift assembly line in an outdoor tent. "It's gonna be basically 12 hours from now on and I've got a feeling it's gonna be six days a week". Intense in tents. Transporting entire production lines across the world in massive cargo planes. Tesla may be onto a victor with the AWD Model 3, but as issues with the original vehicle continue, whether or not it can build this electric auto in sufficient volumes to sat demand is another matter. He believes that worries about ongoing demand for the Model 3 led to the shares' reversal into the red yesterday, after initially jumping on the news. The CFRA analyst stated that the company would likely be unable to sustain its production rate for the Model 3.

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In my opinion, the actual reservation process doesn't mean much for people in North America who want a Model 3 with Long Range battery pack.