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Tesla production surges as Musk takes over Model 3 role

Tesla production surges as Musk takes over Model 3 role

But Tesla Motors now claims production improvements are generating enough cash flow that the company will not need to raise any new cash in 2018.

Production numbers are finally officially in: The first quarter of the year saw Tesla (NASDAQ:TSLA) produce 34,494 vehicles overall, up 40% from the previous quarter. Reports of lackluster production numbers, a recent fatal crash involving a Tesla in Autopilot mode, and rumors that the National Transportation Safety Board is "unhappy" with the company didn't help.

He said that Tesla, is, in fact, going to impact much more than just the transportation industry.

The Model 3 is the most affordable of Tesla's cars to date and is the only one capable of transforming the niche automaker into a mass producer amid a sea of rivals entering the nascent electric vehicle market.

Tesla came up short despite an end-of-quarter production surge that saw engineering chief Doug Field exhort employees to "prove a bunch of haters wrong" by shifting internal resources toward the Model 3 line in order to push Model 3 production beyond 300 cars per day. Investors are eagerly awaiting Tesla's production figures for the first quarter, which are expected to miss forecasts. Tesla has built up a die-hard fan base, with some half-million people putting down US$1,000 reservations for the Model 3 since it was unveiled two years ago.

Tesla noted that its delivery figures are "slightly conservative", and that it only considers a vehicle to be delivered once the auto is transferred to a customer and all paperwork is complete.

"While the company's language is perhaps a little softer, in terms of absolute targets, it seems that Tesla is still roughly on track for its mid-year guidance despite Q1's challenges and shortfalls", Galliers said. But it's still only a fraction of the 20,000 per month that CEO Elon Musk promised when Tesla first started making the vehicle. For the past year, Field has managed engineering of both the vehicle and its production.

Concerns over the company's finances had been rife, with the credit rating agency Moody's downgrading Tesla's rating last week.

Shares in Tesla rose by around 3% following the statement. It's sticking to a target of building 5,000 Model 3s per week, by the end of June. In February, Musk said Tesla would attempt the trip in another three to six months.

It built 9,766 of the Model 3's during the quarter, up about 300% from the fourth quarter. It expects to hit a weekly production rate of 5,000 Model 3 units within three months. Right now, though, better to divide & conquer, so I'm back to sleeping at factory.

The interior of a Tesla Model 3 seen ahead of the Los Angeles Auto Show in Los Angeles on November 29, 2017. "If this rate of growth continues, it will exceed even that of Ford and the Model T".

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