07/06/2018

Tesla 'quite likely' to hit Model 3 target

Reuters reports that Tesla has ramped up production of its Model 3 vehicle.

Currently capable of making 3,500 vehicles per week, Tesla's chief executive, Elon Musk said that the target of manufacturing 5,000 vehicles per week is now looking 'quite likely'.

'This is the most excruciating hellish several months I've ever had... but I think we're getting there,' Elon said during Tesla's annual meeting of stockholders in Mountain View, California.

With shares of Tesla down nearly eight per cent from the beginning of the year and down 25% from a year high of $389.61 in September, shareholders re-elected directors and voted to keep Elon as chairman.

'At Tesla we build our cars with love,' Elon said. 'At a lot of other companies, they're built by marketing or the finance department and there's no soul. We're not perfect but we pour our heart and soul into it and we really care.'

Tesla had run into problems keeping to its 5,000 a week production target, which is needed to keep the company profitable. Deliveries to customers have been delayed and company funds have been used to fix production problems.

Elon said that will be an announcement soon about a factory in Shanghai, once talks had been finalised with the Chinese government.