Published: Tue, July 03, 2018
Money | By Michele Stevens

Tesla Q2 2018 Vehicle Production and Deliveries Nasdaq:TSLA

Tesla Q2 2018 Vehicle Production and Deliveries Nasdaq:TSLA

Tesla spiked as much as 6% in early trading Monday after the electric-car maker reached its goal of producing 5,000 Model 3 sedans in a week, just hours after its self-imposed deadline.

CEO Elon Musk sent an e-mail to company employees Sunday praising them for producing 5,000 Model 3s, a compact vehicle that's created to shift Tesla from a niche manufacturer to a mainstream automaker.

Musk said the company hit its target of 5,000 Model 3s in a week, according to an email sent to employees on Sunday afternoon and seen by Reuters.

Tesla (TSLA) on Sunday said it produced 5,031 Model 3 vehicles in the last week of the second quarter, inching past its goal of 5,000 vehicles for the first time. That figured also overshadowed the combined production of the Model S and X, which stood at 24,761.

Doug Field, Tesla's head of engineering, won't return to the company after a taking a leave of absence, The Wall Street Journal reports.

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"We did it!" Musk wrote.

In February a year ago, Tesla said in its financial results that it would "steadily ramp production to exceed 5,000 [Model 3] vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018".

"I think we just became a real vehicle company", Mr Musk wrote. To meet its June production goal, Tesla set up a massive tent outside its main factory that housed yet another assembly line.

"After nearly five years at Tesla, Doug Field is moving on", a Tesla representative said.

Tesla has finally hit its weekly target production rate of 5,000 of its "mass-market" Model 3 electric vehicle thanks to a big tent.

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As Group E winners, Brazil will now face Mexico in Samara on Monday, with group runners-up Switzerland taking on Sweden in St. Serbia again set off alarm bells moments later, but some desperate Brazil defending was enough to keep them out.

The Goldman Sachs analyst David Tamberrino warned in June that Tesla would most likely miss its Model 3 targets, echoing the scepticism of many of his peers.

"Excessive automation at Tesla was a mistake", Musk tweeted in April this year, acknowledging some of the company's production line issues. That was responsible for around 20-percent of the Model 3 produced in the final week.

Tesla has begun producing more expensive versions of the Model 3, including the Performance model, which can top out at $80,000, a little more than the price of an entry-level Model S.

The electric-car-and-truck-and-battery-and-solar-panel company made 5,000 Model 3 sedans last week, and has now made a total of 7,000 of them.

The Model 3 was first unveiled in 2016 and at the time Tesla said it planed to produce 5,000 Model 3 cars a week in 2017 and 10,000 a week by 2018.

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"As we previously noted, we are in the process of changing the quarterly production pattern of those vehicles for the various worldwide regions to ensure a more linear flow of deliveries through the quarter".

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