Tesla Misses Weekly Production Goal by 480 Model 3s
Despite setback, compares its growth to “Ford and the Model T”
Tesla produced nearly 10,000 Model 3 sedans in the first quarter of 2018. The company also announced that it built 2,020 Model 3s in the past seven days—which is 480 cars short of its current 2,500 units per week goal.
"In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles," said Tesla in its quarterly newsletter.
It seems that having CEO Elon Musk sleeping at the factory to keep an eye on production is yielding better results than his recent April Fools Day tweet about Tesla filing for bankruptcy.
That combined with the recent fatal Model X Autopilot accident investigation and a recall of every Model S built before April of 2016 for a power steering issue had sent Tesla stock tumbling dramatically in recent weeks.
However, things are looking up since the company optimistically reported that it does not require an equity or debt raise this year. Whew.
Tesla built 34,494 vehicles for the first quarter of the year—24,728 were Model S and Model X SUVs and 9,766 were Model 3 sedans.
Model 3 production has increased substantially since the "production hell" of the previous quarter.
The company boldly claims "this is the fastest growth of any automotive company in the modern era. If this rate of growth continues, it will exceed even that of Ford and the Model T."
We can almost hear a collective sigh of relief from the 400,000 or so loyalists patiently awaiting the delivery of their Model 3s since last summer.
Yes, things are looking up and if Tesla can meet its target of building 5,000 Model 3 sedans a week in three months, those faithful might actually get their cars fairly soon.
Tesla delivered 8,180 Model 3s this quarter with an additional 2,040 units in transit to customers. Those lucky owners should receive their Model 3s between now and the end of June.
The ones waiting for a lower spec, more affordable $35,000 Model 3 will have to wait only a few more years—for now.