Tesla Inc (NASDAQ:TSLA) has met its production goal of 5,000 Model 3 cars per week despite several bumps in the road.
The electric vehicle maker has struggled with manufacturing issues, factory fires, fatal crashes, an employee allegedly leaking sensitive information and an initial snub, then reversal, from Consumer Reports on its Model 3.
READ: Tesla to halt production at the end of May, expects to reach 3,500 Model 3s this week
Analysts from big-name firms like Goldman Sachs and Morgan Stanley weren’t convinced that Tesla would see production reach its goal level within that time frame.
Tesla CEO Elon Musk had the last laugh though, producing more than 5,000 Model 3s and a total of 7,000 vehicles, including the Model S and the Model X.
In an email to his employees on Sunday night, Musk praised them for their hard work and shared the good news.
“What’s more, with the widespread productivity gains throughout Tesla and the new production lines spooling up, we are on track to reach 6k/week for Model 3 next month. I think we just became a real car company….,” wrote Musk in an email shared by CNBC.
Shares of the California-based company jumped nearly 6% to US$362.60 in Monday pre-market trading, before dropping back to US$339.65 in regular deals.
Contact Lenore Fedow at lenore@proactiveinvestors.com
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