Tesla finally hits Elon Musk's target for the Model 3

Tesla’s Model 3

In the email to his staff, Mr Musk wrote, "We did it!"

On Sunday, Musk also shared another company milestone on Twitter: Tesla has produced a total of 7,000 cars in a week (that's including the Model S and Model X units).

Tesla confirmed the contents of the email.

Tesla had stated in the past that they would produce 5,000 Model 3 cars a week by the end of the second quarter of the year.

Doug Field - who previously served head of Tesla Model 3 production until his April reassignment by CEO Elon Musk - opted to take a leave of absence in May in order to spend time with family and recover his energy.

Production of the mass-market Model 3 sedan has been hampered by several issues, including problems with an overreliance on automation on its assembly lines, battery issues and other bottlenecks.

With the news that the Model 3 target had finally been hit, Tesla's share price rose five per cent - but Musk still has his critics. "Whatever. It worked", he said.

Tesla now still has 420,000 Model 3 auto orders left to fulfill and plans to increase output from 5000 cars a week to 6000, whether or not their workers and machines can handle this speed still remains to be seen. Tesla says it projects the next two quarters will turn a profit for the company, which would be a welcome change. As of writing, Tesla stock (NASDAQ:TSLA) is trading up 5.30% at $361.16 per share.

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In recent months, the company has engaged in so-called "burst builds", temporary periods of fast-as-possible production, which it uses to estimate how many cars it is capable of building over longer periods of time.

"In the interim, we do not see this production rate as operationally or financially sustainable", said CFRA analyst Efraim Levy.

Musk set a new goal of building 6,000 Model 3s a week, perhaps by the end of August. Both orders and deliveries for Model S and X were higher in Q2 than a year ago.

Dave Sullivan, manager of product analysis at AutoPacific Inc. and a former manufacturing manager for Ford Motor Co., said reaching the 5,000-per-week won't make Tesla profitable by itself. The boost in productivity has been attributed to GA4, the new Tesla production line which is located in a tent.

At the end of the second quarter, 11,166 Model 3 and 3,892 Model S and Model X electric cars were in transit to customers.

Just last week, Tesla invited all Model 3 reservation holders in the U.S. and Canada to configure their auto and put in their order, a step that costs another $US2,500.

Despite originally touting the Model 3 as a $35,000 vehicle, Tesla has yet to begin building that basic version and instead is now building a higher-priced model as it tries to come out of "production hell".

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