Tesla spikes after hitting Model 3 production goal hours after self-imposed deadline

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

Tesla has met its Model 3 production goals

Unfortunately, numerous production hell issues - some of which were attributed to Musk's overly ambitious timelines - scuppered the plan.

Tesla has been dealing with the fallout from Autopilot crashes and overly aggressive Musk tweets in recent months, so a bit of positive news will do the company good.

Reaching the 5,000-unit target represents a doubling of weekly production since Tesla's first quarter production rate for the Model 3.

"Intense in tents. Transporting entire production lines across the world in massive cargo planes".

Tesla has received around 450,000 Model 3 reservations but the cheapest version of the vehicle, priced at $35,000, is not yet available to customers.

CFRA Research analyst Efraim Levy lowered his rating on Tesla shares from "Hold" to "Sell", saying he doesn't see the production rate as "operationally or financially sustainable" in the short term. The automaker also produced 1,913 Model S and Model X vehicles in those same seven days.

Tesla has also set goals for its future growth, and they're as unrealistic ambitious as the company has always been.

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The company said in a regulatory filing Monday that it produced 5,031 Model 3s in the last week of the second quarter.

Tesla's delivery numbers, particularly its 5,000 Model 3 per week milestone, has been received warmly by the company's investors. It was not clear if Tesla could maintain that level of production for a longer period.

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.

While others look at disrupting taxi markets and building peer-to-peer platforms, his ideas include long-distance electric cars that charge as you drive on solar-powered roads, catapulting humans through a vacuum tube at hundreds of miles per hour, and building re-launchable rockets so mankind can eventually emigrate to Mars.

Tesla reported Monday that it made 28,578 Model 3s in the second quarter more than three times as more than it did in the previous quarter.

The standard battery version of the vehicle that starts at $35,000 still isn't available in the design studio, so anxious customers can either order a higher-priced Model 3, continue to wait, or cancel their order. According to Tesla, the high number of vehicles in transit during the end of the second quarter was primarily due to an increase in production during the end of Q2 2018. Wall Street analysts polled by Bloomberg have an average price target of $314 for the stock, which is now trading near $359 a share. The company said it expects to make 6,000 per week by late next month.

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