Tesla 'real car company' after hitting Model 3 goal, Musk says
02 July, 2018, 17:26
Tesla Inc almost produced 5,000 Model 3 electric sedans in the last week of its second quarter, with the final vehicle rolling off the assembly line on Sunday morning, several hours after the midnight goal set by Chief Executive Elon Musk, two workers at the factory told Reuters. The company hit the Model 3 mark while also achieving its production goal of 7,000 Model S and Model X vehicles in a week, he said in the email. For the first time, Model 3 production (28,578) exceeded combined Model S and X production (24,761), and we produced nearly three times the amount of Model 3s than we did in Q1.
Damodaran said: "Put bluntly, there is no chance that Tesla can deliver what it needs to, in terms of scaling up revenues and improving profitability, to justify its market capitalisation, without raising new equity along the way".
The company had originally meant to hit the target by December past year, but this was then pushed back to the end of the first quarter of 2018 and then delayed again to the end of the second quarter.
One Tesla worker told Reuters that to hit the 5,000-a-week target, staff from other departments were drafted onto the Model 3 production line and breaks were staggered to keep it constantly running.
The Model 3, a relatively low-priced model for Tesla, is meant to transform the company from a niche maker of expensive, high-end, vehicles to a major auto manufacturer. Earlier this year, Musk - who has described his vision for the Fremont factory as an "alien dreadnought" - acknowledged error in adding too much automation, too fast, to the Model 3 assembly line.
The announcement of Tesla's production milestone for the Model 3 appears to have provided a boost to investors' sentiments.
Tesla has registered 6,160 new Model 3 VINs, amid the company's continued production ramp for the compact electric auto. Midway through last month, however, Musk revealed on Twitter that the first Model 3 Performance has rolled off from a new assembly line, which was set up in a sprung structure on the grounds of the Fremont factory.
"The level of dedication and creativity was mind-blowing".
Optimism about the Model 3 transforming Tesla into a much bigger carmaker that sells to the mass auto market sent the company's market capitalization past Ford Motor Co and General Motors Co. for the first time previous year.
In May, Tesla sent a new battery assembly line via cargo planes to its Gigafactory battery plant outside Reno, Nevada in order to speed production, as first reported by Reuters. 18,440 of those were the Model 3, with the Model S (10,930) and Model X (11,370) making up the rest of the numbers. "Many have been waiting since March of 2016, when Tesla began taking orders with a $1,000 refundable deposit".
Steady progress has enthused others, however, and Tesla's market value is close to that of General Motors. The company also says that it is looking to make a net profit in the second half of the year despite the volatile global economy.
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