Slow and steady wins the race, right?
Tesla announced on Saturday that it is finally producing 3,500 Model 3’s a week – a figure that comes closer to their original 2017 goal of 5,000 per week.
Electrek received the news in an e-mail from Elon Musk, who stated that the company was making over 500 models a day. In fact, some parts of the assembly line have reached 700 units per day.
However, Musk and his team still have a long way to go before they meet their previous end-of-2017 goal (and now end-of-July goal) of 5,000 units per week. Musk admitted in a tweet that some parts of the assembly line still struggle significantly, including the painting portion and the end of the line.
Nevertheless, this progress bodes well for Tesla. The company has gone through significant changes in the past few months, including downsizing, losing top executives, and seeing its stock nosedive. But hitting 3,500 proves that Musk is working hard and reaping the fruits of his labor.
Indeed, investors seem pleased by the news. On Monday, Tesla’s (TSLA) stock price has risen 3.35%. In fact, despite the setbacks and company shifts, Tesla’s stock is up over 30% in the past 30 days. Clearly, Musk is turning things around, which bodes well for consumers who ordered a Model 3 and investors. Short sellers, on the other hand, may not be so happy. In regards to a reporter asking about short sellers’ analyses, Musk even tweeted,
They have about three weeks before their short position explodes.
If Musk has shown the world one thing, it’s not to bet against him. He is working “almost 24/7” in the factory to ensure positive growth, and he will likely not rest until the 5,000/week target is met.
Featured image via Pixabay/johnjakob