Stock Moves 6% Higher April 04, 2018 — Tesla (TSLA) Surges

Elon Musk just took charge of Model 3 production saying it’s his “most critical” job right now		
		
	Connie Loizos

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   	7 hours

Shares in electric vehicle firm Tesla have risen after it announced a boost in production of its cheaper Model 3 cars in the first quarter. The company has been infamously slow to deliver on the many pre-orders for its models; between Elon Musk's promises and the reality on the ground often lies a gaping chasm. "As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines".

Faltering production of the latest, cheapest model of its electric supercars had been a factor in a downgrading of Tesla's credit rating, plummeting share price and deepening industry scepticism.

Tesla says it has about 500,000 advance reservations from customers for the vehicle.

Musk was making a bet that as electric vehicle technology became more mature, and the company produced cheaper and higher-volume cars, the economies of scale would make production more efficient and cheaper, to the point where making an electric auto would be as cheap as making a gasoline-powered vehicle. During last month was Tesla's worst performance in over seven years with shares dropping 22 percent. In a press release, Tesla said Model 3 production increased fourfold over the previous quarter. "In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles". The electric vehicle maker is now on track to miss yet another Model 3 production target. In a statement, the company said it aims to be making "approximately" 5,000 units per week of the Model 3 "in about three months". By the end of the first quarter, 2,040 Model 3 and 4,060 Model S and X were in transit to customers. Tesla's goal for the quarter was to produce not less than 2,500 Model 3s every week and implemented some remarkable measures in its quest to hit that target. Jumping into the numbers, Tesla built 34,494 vehicles in its "most productive quarter" in history. Tesla's stock fell by 22 percent in March, the steepest monthly drop since December 2010, the year the company went public. A photograph showed Musk apparently slumped unconscious beside a Model 3, holding a cardboard sign reading "Bankwupt". The one thing that analysts got right is that Tesla did indeed miss its self-imposed production targets for the Model 3.

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But a series of setbacks have left Tesla far behind schedule in turning out the Model 3 - for which almost 400,000 prospective buyers have already put down $1,000 deposits - and it is taking some extraordinary measures to turn things around. "If this rate of growth continues, it will exceed even that of Ford and the Model T".

"According to our financial plan, no capital needs to be raised for the Model 3", he said during a February 2017 earnings call.

The answer lies in the fact that Tesla is now in the process of rolling out it's newest line of cars, called the Model 3.

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