Tesla shares are expected to open in the green Monday after the electric car manufacturer achieved its target of producing 5,000 Model 3’s in a week. The car maker actually made 7,000 vehicles last week, including output of its other models.
Tesla shares ended the US Friday session 1.99% lower at $342.95. However, the stock is currently over 5% in the green in out-of-hours activity.
Tesla hits Model 3 target
Output levels of the Model 3 car have been monitored closely, particularly since CEO Elon Musk moved the date for the firm achieving the 5,000 per week level, from the end of 2017 to the end of the first half of 2018.
And, even though the completion of the 5,000 cars came a few hours after Musk’s June 30th midnight deadline – the 5,000th vehicle was complete by around 5am on Sunday July 1st – this marks a major milestone for the business.
Indeed, Musk was clearly upbeat on the achievement as his tweet “7,000 cars, 7 days” an email to employees showed.
“We did it!! What an incredible job by an amazing team. Couldn’t be more proud to work with you. It is an honor,” Musk’s email began.
“I think we just became a real car company … Thank you for your hard work and dedication,” it ends.
Production seen ramping up further
While the achievement of hitting the 5,000 Model 3 production target marks a good day for the car maker, it appears Musk is expecting even more from his staff.
His email also adds that in light of some productivity gains across the business, weekly Model 3 production rates could even hit 6,000.
The Model 3 is an important vehicle for the innovative car maker. It’s the one that is, in theory, priced to be affordable for the mass-market and could see many more Tesla’s on the road than there are today.