Elon Musk Tweets About Forthcoming Tesla Pickup Truck

Tesla 'real car company' after hitting Model 3 goal, Musk says

Tesla has met its Model 3 production goals

That's a 55% increase from the first quarter, "making it the most productive quarter in Tesla history by far", the company said in the Tesla Model 3 announcement.

The accounts vary slightly: Elon Musk reportedly sent an internal email saying that Tesla hit the target of producing 5,000 Model 3 cars in a week.

If we are to solve the great challenges of the twenty-first century - whether overpopulation, democratic disruption, new antibiotic-resistant diseases, or shortages of resources - it will be thanks to innovators like Musk, who think not just outside the box, but in an entirely different box-free universe.

Shares of Tesla Inc. reversed course to trade down 4 per cent on Monday after Wall Street analysts questioned the electric auto maker's ability to maintain an increase in production that helped it meet a long-elusive target of making 5,000 Model 3 vehicles per week.

In recent months, the company has engaged in so-called "burst builds", temporary periods of fast-as-possible production, which it uses to estimate how many cars it is capable of building over longer periods of time.

Shares of Tesla Inc. fell around 2 per cent to $336.21 in late-day trading Monday.

Musk added: "What's more, with the widespread productivity gains throughout Tesla and the new production lines spooling up, we are on track to reach 6K/week for Model 3 next month". Speaking of, the regular line is expected to hit a production rate of 5,000 Model 3s per week soon but isn't quite there yet.

When the first Model 3s began rolling off the assembly line last summer, Musk promised to build 5,000 per week by December and 10,000 per week in 2018.

Tesla will have to prove to investors that it can sustain and increase its production pace, and some skeptics have bet against the company.

The company said the new general assembly line was responsible for about 20% of Model 3s produced last week. Consumer Reports pointed out flaws with the Model 3's brakes.

B skeptics say the production rate may not be sustainable. Only the long-range variant, which starts at $49,000, is available to the 450,000 people with Model 3 reservations.

The Model 3 endeavor is widely seen as the project that will make or break Tesla. At the time Musk said no production associates would be laid off and Model 3 production would not be impacted.

Doug Field was relieved by Elon Musk as head of Model 3 production in April and is now taking a break from the company.

If Tesla managed to put off the 200,000th delivery until after June, tens of thousands more customers will have a chance to take advantage of the full credit.

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