Tesla hits Model 3 manufacturing milestone: factory sources

Tesla 'real car company' after hitting Model 3 goal, Musk says

"We either found a way, or by will and inventiveness, created entirely new solutions that were thought impossible", Musk wrote in a companywide email on Sunday that CNBC released.

In a recent financial filing, Tesla reports that it has reached its Model 3 electric auto production goal of 5,000 per week. But that's not all.

Asked about the potential S and X impact, Tesla said it also produced 1,913 of those vehicles during the last week of the quarter along with its Model 3s.

Despite Tesla's recent Model 3 production burst at the end of the quarter, the automaker is still looking at an insanely long backlog of reservations for the vehicle. After news broke Monday of Tesla's feat, the company's shares plunged almost 3 percent - possibly due to the company's sailing below Wall Street estimates for recent Model 3 sales. Musk had first said in April that the company will be profitable in the third and fourth quarters of this year and will not have to raise any money.

Tesla has missed earlier production goals for the vehicle.

The Tesla Model 3 is the most affordable of Elon Musk's electric cars to date, and that means it makes some compromises in terms of features, specs and general luxury.

"The last 12 months were some of the most hard in Tesla's history", the company's statement said.

"This is very positive news for Tesla because the Model 3 takes them from a niche core producer to a mainstream automobile manufacturer", Tigress Financial Partners analyst Ivan Feinseth said.

Tesla made true on its promise of building 5,000 Model 3 sedans in a week, it said Sunday.

On the other hand, the fact that a company that hasn't turned a regular profit is suddenly valued at $60 billion again because it managed to hit a production target for a single week is probably something worth thinking about. During that call, Musk lashed out at Wall Street analysts who asked about the company's quickly vanishing cash reserves, dubbing such queries as "boring, bonehead questions".

The Model 3 assembly line at Tesla's factory in Fremont, Calif.

He thinks the company can reach production of 10,000 vehicles per week, or roughly a half-million per year. But he also warned at the time that Tesla was entering at least six months of "manufacturing hell" as it tried to hit the targets. "These cuts were nearly entirely made from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months".

According to Reuters, multiple workers revealed that some Tesla staff had recently been shifted from other departments to help boost Model 3 productivity. The Model 3 itself bore a "5,000" sign in its front window.

The electric automaker faced Wall Street skepticism in the last few months due to forecasts of how much cash it was burning through every quarter, and how much cash it would need to keep production going.

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