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Did Tesla Hit Its Model 3 Production Goal Last Month?

3 sedan is displayed during its launch in Hawthorne

After repeatedly pushing back internal targets, Tesla vowed in January to build 5,000 Model 3s per week before the close of the second quarter on Saturday to demonstrate it could mass produce the battery-powered sedan.

"I think we just became a real vehicle company....", Musk wrote in an ebullient note to employees in response to increasing production.

Tesla, he said, delayed delivery of numerous Model 3s that it made in the second-quarter to boost revenue and achieve the third-quarter profit that Musk promised.

Tesla hit a key milestone in the second quarter, managing to hit a 5,000-per-week production target for its important Model 3 electric vehicle.

The Model 3 is intended to be a much higher-volume product than the Model S or Model X. That meant much bigger losses over the last two years, but it also potentially means much larger cash flow and profits in the coming months. Those models accounted for 24,761 cars through the quarter. Tesla has struggled to meet its self-imposed goal of producing 5,000 of the vehicles per week since the beginning of the year.

The Model 3 was first unveiled in 2016 and at the time Tesla said it planed to produce 5,000 Model 3 cars a week in 2017 and 10,000 a week by 2018.

Musk has said production of the long-awaited base Model 3, which is supposed to cost $35,000 won't start for another three to four months.

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In its statement, the company said the new line was responsible for 20 percent of Model 3 production last week, or about 1,000 cars. The company said that was a 55 percent increase over the first quarter. It says it delivered 18,440 Model 3s for the quarter, and 40,740 cars overall.

In the past, Tesla has said that it's been able to boost production by idling its factories for short periods of time to address bottlenecks and upgrade equipment.

The Tesla Model 3 quickly became one of the most anticipated cars in automotive history.

It added that it expects to increase production to 6,000 per week by late next month.

The Model 3, which is built at a factory in Fremont, Calif., retails for as low as $49,000, according to the AP.

"In the interim, we do not see this production rate as operationally or financially sustainable", said CFRA analyst Efraim Levy. That was "even though we have now delivered 28,386 Model 3 vehicles to date", the company said.

On top of that, Tesla maintained its production of about 2,000 Model S and Model X vehicles per week - resulting in a total of about 7,000 vehicles produced in a single week. Tesla employees and enthusiasts have been celebrating it while Wall Street is doubting the significance of it.

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