Tesla hits 5,000 Model 3 production target

3 sedan its first car aimed at the mass market is displayed during its launch in Hawthorne California

Production issues surrounding the Model 3 - heralded as Tesla's first "mass market" auto - have plagued the company since the vehicle's launch.

"We did it! What an incredible job by an unbelievable team", CEO Elon Musk wrote to employees on Sunday.

No standard automotive solution could be built in time, so we created a new solution. "Not only did we factory gate over 5,000 Model 3's, but we also achieved the S & X production target for a combined 7,000 vehicle week!"

Tesla's heavily-shorted shares rose as much as 6.4 percent to $364.78 (£277.6) in early trading, but sank after several analysts questioned whether Tesla would be able to sustain the Model 3 production momentum, which is crucial for the long-term financial health of the company.

But the company still only managed to crank out an average of 2,198 per week for the quarter.

Elon Musk nearly single-handedly revived the domestic and global electric vehicle (EV) market when Tesla introduced its high-end EV sports auto a decade ago.

The Goldman Sachs analyst David Tamberrino warned in June that Tesla would most likely miss its Model 3 targets, echoing the scepticism of many of his peers.

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In February a year ago, Tesla said in its financial results that it would "steadily ramp production to exceed 5,000 [Model 3] vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018".

Tesla will have to prove to investors that it can sustain and increase its production pace, and some skeptics have bet against the company. Statements from officials say that, despite being built in a tent, the Model 3s that roll off that line are "as good as" those coming off GA3. It was not clear if Tesla could maintain that level of production for a longer period of time.

A photograph of employees signing a banner welcoming them to the "Model 3 5K Club" was deleted from Twitter and remains on Reddit. Are more shutdowns in store, or does Tesla think it's achieved a steady rate of production? At the time, Musk stated in a tweet, "My job as CEO is to focus on what's most critical, which is now Model 3 production". Tesla recently opened up its order system to those in the USA and Canada with Model 3 reservations.

Wall Street was divided on whether Musk and Tesla could pull it off. " Critics have long questioned the company's ability to reach its production targets, with investors growing even more concerned following a unusual first quarter earnings call in May".

Tesla's production and delivery press release for Q2 2018 can be accessed here.

Tesla is finally catching up to CEO Elon Musk's promises.

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