Tesla hits Model 3 manufacturing milestone, hours after deadline

Tesla’s Model 3

In the last seven days of Q2, Tesla produced 5,031 Model 3 and 1,913 Model S and X vehicles. Tesla also expects to produce 6,000 Model 3 sedans a week "next month".

"We did it! We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible". Musk also said Tesla had hit its 7,000 per week Model S and Model X production targets at the same time.

Tesla released its eagerly-anticipated second quarter report on vehicle production and deliveries today, as it passed a crucial production milestone for the Model 3 sedan. 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. Wall Street investors, who have pushed the company's stock beyond $340 per share, are growing impatient with the losses. "We believe in rapid evolution", Musk tells the Times in an interview-it took place at 3am Thursday, the only time the company said he'd be available. Tesla CEO Elon Musk tweeted later that day the company had produced 7,000 vehicles in a week, a figure that includes Model S and X vehicles as well.

Bottom line, "Stock likely to experience some relief on achieving 5k Model 3/week since if this pace can be repeated, Tesla should turn into a self- funding company".

Last month, Musk confirmed that a new general assembly line had been built to help reach the production target, describing it on Twitter as a "giant tent" and later teasing images of machinery and parts.

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Indeed, it couldn't even produce 10,000 Model 3's in the entire first quarter of this year.

Whichever it is, Tesla appears to have finally ironed out the kinks in Model 3 production, allowing for a faster ramp-up. It's also unclear how much longer the company will need this line and the tent, or if more outdoor assembly systems will be necessary to reach future targets. China had previously planned to reduce its existing imported auto tariff from 25 percent to 15 percent, but these new tariffs will now add to a total 40 percent tariff for American-made vehicles.

Pricing starts at $35,000 for the vehicle, and about 450,000 have been pre-ordered by consumers. Sure enough, by the last week of the quarter, Tesla moved 5,031 of its most affordable auto off the line. Reservation holders waiting for the Model 3 welcomed the news like a Christmas basket.

"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 previous quarters, the company failed to meet its self-imposed production targets due to an overdependence on factory automation lines and battery production issues.

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