Tesla says produced 2020 Model 3 sedans last week

  • Tesla says produced 2020 Model 3 sedans last week

Tesla says produced 2020 Model 3 sedans last week

Tesla expects the Model 3 production rate to rise rapidly through Q2 and is targeting a production rate of approximately 5,000 units per week in about three months. The company delivered 8,180 of the sedans in the first three months of the year, missing analysts' average estimate for about 8,800 units in a Bloomberg News survey.

Production bottlenecks have plagued the company, with much of its future banked on the Model 3, its first mid-price, mass-market vehicle.

All eyes are on the Model 3 and Tesla says that it has ramped up production significantly. Of those, 9,766 were Model 3 cars. My job as CEO is to focus on what's most critical, which is now Model 3 production.

By the end of March, a doubling of the weekly production rate for the Model 3 pushed its output above the combined weekly production rates for the Model S luxury sedan and the Model X SUV.

In conclusion, the Tesla Model 3 is now officially the best-selling electric auto in the U.S. and Tesla most likely has the 3 best-selling electric cars in the US.

We have also created an interactive dashboard analysis which outlines our expectations for Tesla over 2018.

Based on this estimation, it would mean that Tesla delivered between ~4,700 and ~5,900 Model S vehicles and between ~4,000 and ~5,000 Model X vehicles in the United States during the first quarter. Production in the January-March 2018 period (Q1) totaled 34,494 vehicles, a 40 percent increase from Q4. The company reported that in the last 7 days, it produced 2,020 vehicles.

For this and other reasons, likely to do with its insistence on innovation and possibly on industry toes, Tesla's position is a sometimes stormy one in the marketplace.

That may have been behind Tesla chief Elon Musk's series of April Fool's Day tweets, including a fake press statement declaring that "Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt". The company also notes over 6,000 vehicles are in transit and demand remains strong for the Model S and X despite the launch of the Model 3.

Reservations for the Model 3 "remained stable", with cancellations attributed "almost entirely due to delays in production in general and delays in availability of certain planned options". However, if production is unable to reach the 5000-unit-per-month target over the coming months we might have to wait a little longer before it finally arrives.