Tesla gave customers and investors both good and bad news on Tuesday. Elon Musk's electric car company gave a fresh update on the ongoing'production hell' of its Model 3 mass-market car. The firm increased production of the Model 3 in the first quarter but still fell far short of the numbers it promised last summer. Tesla said it made just under 9,800 Model 3s between January and March. That's four times what it made in the fourth quarter, but still only a fraction of the 20,000 per month that Musk pledged to make when the firm first introduced the car.
Tesla has reported a loss for the last three months of 2016 - but revealed production of its much anticipated Model 3 is still on track. Tesla posted its first profit in three years in last year's third quarter and had predicted net income in the fourth quarter, but instead, Tesla lost $121.3 million, or 78 cents per share, for the quarter. However, it told investors ' Our Model 3 program is on track to start limited vehicle production in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter and 10,000 vehicles per week at some point in 2018. Tesla will shut down production at its California assembly plant for a week this month to prepare for production of its high-volume Model 3 sedan. Elon Musk has boasted the firm's production facility for its much anticipated Model 3 will look like an'alien dreadnought'.
Tesla is pausing work on the Model 3 sedan yet again as it addresses kinks in its assembly line that are contributing to what CEO Elon Musk has called'production hell'. The electric car maker said late Monday that it's temporarily halting production for four or five days'to improve automation'. It marks the second time this year that Tesla has hit pause on production of the Model 3. Tesla announced on Monday that it's temporarily halting production of the Model 3 sedan as it addresses kinks in its assembly line. It's the second time Tesla has paused work on the car Tesla investors have grown increasingly concerned about the company's consistent failure to keep its promises on vehicle output. Shares of Tesla fell as much as 2% in pre-market trading on Tuesday and are down 6.9% so far this year.
It is one of the most highly anticipated cars ever released - and as Elon Musk has shown, it is almost ready to enter production. The Tesla and SpaceX founder delighted fans and those who put down $1,000 deposits for the model 3 by tweeting a video of what he claimed was a'release candidate' for the car. Production of the vehicle is expected to start'limited vehicle production' in July and to steadily ramp production to exceed 5,000 vehicles per week at some point in the fourth quarter before reaching its goal of 10,000 vehicles per week at some point in 2018. The Tesla and SpaceX founder delighted fans and those who put down $1,000 deposits for the model 3 by tweeting a video of what he claimed was a'release candidate' for the car. He also promised UK drivers they would not be forgotten, saying a right hand driver version will follow next year.
Billionaire tech mogul Elon Musk has devised a new way to resolve Tesla's Model 3 woes - and it's already raising some eyebrows. The Tesla boss took the wraps off of a massive tent, dubbed'Factory 2.0', that's being used to roll out even more of the firm's Model 3 sedans. The new production line is located at Tesla's Fremont, California facility and was built in the hopes of helping the firm achieve its lofty goal of manufacturing 5,000 Model 3s a week by the end of June. Tesla CEO Elon Musk took the wraps off of a tent, dubbed'Factory 2.0', that's being used to roll out more Model 3s. It's located on the same campus as Tesla's Fremont factory (pictured) Tesla employees worked to build the gigantic tent in three weeks with'minimal resources,' Musk said in a tweet.