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Tesla Finally Hits Model 3 Target

Tesla Finally Hits Model 3 Target

Scaling up production of Model 3s has created a host of issues for the company, as it missed several manufacturing goals in past months and pushed critics to question its future viability.

Levy cut CFRA's rating on Tesla stock to "sell" from "hold". The company even built a massive tent structure outside its main assembly line, building a supplementary line from salvaged parts, Musk said.

Also Monday, Tesla announced its overall second-quarter production numbers: A total of 53,339 vehicles, up 55 percent from the previous quarter, which made the second quarter the most productive one for the company so far. Their patience has been tested by a series of setbacks that forced Tesla to push back the goal from an earlier plan to reach this level of production by the end of 2017.

Analyst Brian Johnson of Barclays warned investors in March to be wary of brief "burst rates" of Model 3 production that were not sustainable.

In May, Tesla sent a new battery assembly line via cargo planes to its Gigafactory battery plant outside Reno, Nevada in order to speed production, as first reported by Reuters. Wall Street analysts polled by Bloomberg have an average price target of $314 for the stock, which is now trading near $359 a share. Are more shutdowns in store, or does Tesla think it's achieved a steady rate of production?

Tesla first wanted the call the Model 3 - Model E. It would have joined the models S and X in Tesla's lineup to make "S-E-X" with the Model Y to follow later.

"We also reaffirm our guidance for positive GAAP net income and cash flow in Q3 and Q4, despite negative pressures from a weaker USA dollar and likely higher tariffs for vehicles imported into China as well as components procured from China", the company said.

"We did it! What an incredible job by an awesome team".

"The last 12 months were some of the most hard in Tesla's history, and we are incredibly proud of the whole Tesla team", the company said in the filing.

That tally of short seller loses came before news that Tesla had reached its production target of 5,000 Model 3 vehicles a week in the final stretch of the second quarter. Couldn't be more proud to work with you. The company had failed to meet any of its production and delivery targets for the Model 3 up until now.

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. The company badly needs cash from the compact cars to deliver on CEO Elon Musk's promise to post a net profit and positive cash flow in the third and fourth quarters.

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