Trade Resources Company News Tesla Misses out Model 3 Production Targets

Tesla Misses out Model 3 Production Targets

Electric car-maker Tesla Motors has missed its Model 3 targets for the first quarter of this year.

Last week it produced 2,020 of Model 3, against the target 2,500 vehicles.

For the next week, the company forecasts to produce 2,000 Model S and Model X vehicles, respectively and 2,000 units of Model 3.

The company stated that for the first quarter, it produced a total of 34,494 vehicles, which is claimed to be a 40% increase from last year’s fourth quarter.

Out of the total numbers produced, 24,728 vehicles included Model S and the remaining 9766 were Model 3. Tesla considers this as the most productive quarter in the company’s history.

Tesla expects that in the second quarter the production of Model 3 will surpass Model S and Model X combined. The company aims to produce 5,000 units of Model 3 per week in the next three months, which is in the third quarter.

In January, it was reported that due to the fall in battery production at the Gigafactory had led to the slowdown of production Model 3.

Back in the summer of 2017, Tesla CEO Elon Musk stated that the company would produce 100 Model 3s in August and increase up to 1500 per month by September and by December, the production would be ramped up to 30,000 per month.

The company in a statement said: “Tesla continues to target a production rate of approximately 5,000 units per week in about three months, laying the groundwork for Q3 to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow. As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines.”

Tesla’s Model 3 is the latest electric vehicle, with a starting price of $35,000. The base model is expected to give a mileage of 210miles on a single charge, with a top speed of 130mph. The vehicle is claimed to accelerate from 0-60mph in 5.6 seconds.

There is also a long-range model which will give a mileage of 310miles on a single charge. This variant can accelerate from 0-60mph in 5.1 seconds and will have a top speed of 140mph. This vehicle is priced at $44,000.

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Topics: Auto Parts