Tesla storms past Model 3 production goal

3 sedan is displayed during its launch in Hawthorne

Tesla Inc. made 5,031 lower-priced Model 3 electric cars during the last week of June, surpassing its often-missed goal of 5,000 per week. And weekend shifts were mandatory.

Shares of Tesla closed the formal trading day down 2.3 percent to $335.07 but regained some of that ground in after-market trades.

Tesla more than doubled EV production in Q2 versus Q1, the automaker has confirmed today, with Model 3 cars rolling off the line - including the new tent facility - at a rate of more than 5,000 per week by the end of June 2018. Model 3 reservations totalled 450,000 at the end of the first quarter. Going conservative on the Model 3's 0-60mph time would help reinforce the appeal of the Tesla's more-premium Model S. The slowest Model S can hit 60mph in just 4.2 seconds, and the slower the significantly cheaper Model 3 is from that time, the better - for Tesla, anyway.

The New York Times reports the latest batch of Model 3s makes do without 300 of the underbody spot welds used on earlier designs, after engineers deemed them an unnecessary waste of time. "The paint department can't handle the volume". Tesla also expects to produce 6,000 Model 3 sedans a week "next month".

Tesla hit a key milestone in the second quarter, managing to hit a 5,000-per-week production target for its important Model 3 electric vehicle.

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

"After nearly five years at Tesla, Doug Field is moving on", a Tesla representative said. "But some could be getting antsy, especially those who want a price closer to the base of $35,000", the news agency writes.

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

"We did it!" Musk proclaimed in the email to employees Sunday. "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.

With Tesla attaining a pace of 7,000 Model 3, Model S, and Model X per week, however, Ford would be wise to not underestimate the upstart electric auto maker. DragTimes beat the 5.1 figure a few times, too, so the Model 3 is clearly faster than stated.

Tesla's near-term goal is to achieve a profitable quarter; in the company's history this has only happened twice, with Musk now pinning hopes of operating cash and profit on increased production levels of all three models. But a number of production roadblocks - including battery shortages and heavy reliance on robots, which was supposed to be one of Tesla's strengths - slowed down the production ramp-up rate.

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