Tesla produced record number of cars in 3Q
Tesla produced 80,142 vehicles in the third quarter, including 53,239 Model 3 Sedans -- meeting its production target.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
Deliveries were slightly higher: The electric carmaker said it had delivered 83,500 total vehicles in the third quarter and 55,840 Model 3 sedans in the quarter.
In August, Tesla said it would produce 50,000 to 55,000 Model 3s in 3Q, after repeatedly hitting weekly production targets in July.
However, according to the company’s latest update, it missed its weekly Model 3 production targets in the last week of September, producing 5,300 Model 3 cars versus its target of 6,000.
Tesla’s official report follows a writeup on Monday from Electrek, an electric vehicle blog, that Tesla churned out 80,000 vehicles, citing sources familiar with internal figures. According to Electrek, 80,000 vehicles would be a record for quarterly production.
According to Electrek, Tesla could have produced 53,000 Model 3 vehicles – Tesla’s flagship sedan and the key to CEO Elon Musk’s efforts to achieve sustained profitability.
Tesla scrambled to meet production goals even as Musk faced an SEC investigation related to his claim earlier this year that he had “funding secured” to take the company private. Facing securities fraud charges, Musk agreed to a settlement with the SEC last Saturday that requires him to pay a $20 million fine and step down as company chairman for a period of three years.
Musk will be allowed to remain CEO as part of the settlement.
Tesla has burned through cash in its bid to meet demand for Model 3 deliveries. However, company executives reiterated last August that they expect to achieve profitability by the end of 2018.