Tesla hits Model 3 manufacturing milestone, hours after deadline

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

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

Couldn't be more proud to work with you. More than 450,000 people had ordered Model 3 cars at the end of the first quarter.

One worker told Reuters that, to meet the goal, employees from other departments were dispatched to parts of the Model 3 assembly line to keep it running constantly, and breaks were staggered "so the line didn't stop moving".

Musk reportedly also sent an email to employees stating the goal had been achieved and that he expects to produce 6,000 Model 3s per week next month.

In an email sent to Tesla staff and obtained by electric auto site Electrek, the chief executive, Elon Musk, said: "We did it!"

Tesla made true on its promise of building 5,000 Model 3 sedans in a week, it said Sunday.

The new milestone - despite being put in rather harsh perspective by Ford CEO Steven Armstrong (see Tweet below) - is important for Tesla, to reassure both shareholders about its mass production capability, and customers, who have been waiting patiently for delivery of their Model 3 since this time past year.

"We did it!" Musk wrote.

No standard automotive solution could be built in time, so we created a new solution.

Having missed earlier production ramp up deadlines, Musk gave CBS a tour of the factory back in April, and promised to be hitting 5,000 Model 3s a week by Q3 of this year.

"Reaching it is one thing", said Dave Sullivan, the product analysis manager at market research firm AutoPacific Inc.

Forward-Looking Statements Certain statements herein, including statements regarding future production and delivery of Model S, Model X and Model 3, expected cash flow and net income results, and growth in demand for our vehicles, are "forward-looking statements" that are subject to risks and uncertainties. "Consistently producing 5,000 per week with outstanding quality is another".

The company regularly engages in so-called "burst builds", temporary periods of fast-as-possible production, which it uses to estimate how many cars it is capable of building over longer periods of time.

The announcement of Tesla's production milestone for the Model 3 appears to have provided a boost to investors' sentiments. It is not clear how numerous orders are for the higher-priced versions.

When first unveiled in March 2016, the Model 3 generated thousands of reservations from consumers in an unprecedented show of support for the new vehicle.

And the progress has not been limited to the Model 3.

The company's shares could hit $400, Damodaran said, but Musk would need to increase revenues from $12.5bn to $120bn in the next decade, invest more efficiently than the rest of the sector and meet debt commitments.

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