Tesla Cranking Model 3’s Production Line to 2,000 Per Week (TSLA)

The electric car maker has faced immense struggles trying to ramp up production of the $35K sedan that's designed to make the company a mainstream car manufacturer,

Tesla TSLA

Auto website Jalopnik reports that Elon Musk has told Tesla employees in a company-wide email early Monday morning that the electric carmaker may exceed a weekly production rate of 2,000 Model 3 (M3) sedans.

“If things go as planned today, we will comfortably exceed that number over a seven day period!” Musk wrote in the email obtained by the car-enthusiast blog. The 2,000 per week rate was short of Tesla’s forecast back in January that it would likely end Q118 making about 2,500 M3 units a week. That said however, the 2,000 weekly rate is a big increase from the 793 number that the company built in the final week of 2017.

Tesla initially planned to produce 5,000 M3s per month by the end of last year, but has had to revise that number multiple times.

The Model 3 is currently being manufactured at Tesla’s Fremont, Calif. factory, though its battery packs are being produced in the Gigafactory facility in Nevada.

Tesla (NASDAQ:TSLA) Stock

Tesla’s stock has plunged more than 50 points following a fatal Model X crash last week in California. Federal investigators are looking into the crash that was using the vehicle’s semi-autonomous autopilot system at the time, as well a crash in January of a Tesla Model S that may have been operating under the same system.

TSLA was trading down 6% to $251.25 as of 2:25 p.m. in New York, after nosediving as much as 8% earlier in the session. The stock, which is down more than 16% and 20% year-over year and year-to-date, respectively, closed at $252.48.

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