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NEW YORK (CNNMoney) –
Will Elon Musk Realize One of His Great Promises for Tesla Model 3? The automaker's first production vehicle has not been able to meet its requirements. ambitious production objectives.
After failing on two previous production goals, Musk told investors that the company would produce 5,000 Model 3s a week at this time of year. Originally, he had promised that Tesla would manufacture 5,000 models 3 per week by the end of 2017. The company made 800 of them during the last week of the year.
Thus, he reduced the scope of his promise, saying that Tesla would manufacture 2,500 per week by the end of the first quarter and would be on track to manufacture 5,000 per week by the end of the first quarter. of June. He also did not achieve this goal, producing 2,020 in the seven days preceding his production report on April 3.
The production goals are more than a matter of pride, they are crucial for Tesla to become profitable permanently.
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Tesla has a waiting list of nearly half a million customers who made deposits of 1,000 dollars for acquire a model 3. But the first ended the quarter with less than 10,000 cars delivered.
Tesla gives some of the people who made deposits to order options for their cars, but they will have to pay $ 2,500 more on the purchase price to do it. And they have not yet got a firm date on which their car will be ready.
He has reported only two profitable quarters in the eight years he has been a public company, and he has so much debt to pay by the end of this year that critics are concerned that He can cope with a currency crisis. You may have to borrow a lot more money or sell additional shares to finance your operations.
Moody's, who lowered the credit rating earlier this year, estimates that Tesla will have to raise up to $ 2 billion, even though the company
But Musk insisted on the fact that it will reach the goal of 5000 Model 3 per week and that this will give the company enough sales and profits so that it is not necessary to reap more profits. # 39; money.
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Some analysts believe that it will reach the goal of 5,000. But David Tamberrino, an analyst at Goldman Sachs who has a recommendation to sell on stocks, asked if Tesla could maintain this level of production.
Model 3 is now the best-selling mid-size sedan in the United States pic.twitter.com/xI7LsgRI6D
– Tesla (@Tesla) Jun 5, 2018
Tesla no responded to the request for comments on its current state of production.
The company has created an additional production line under a large canvas outside the Fremont, Calif. Plant.
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Musk has practically lived in the Tesla factories, the Fremont factory where the plants are assembled. the cars and the "Gigafactory" Nevada that manufactures lithium-ion batteries that drive cars.
A recent interview with the Wall Street Journal describes the use of the same Tesla shirt for three days in a row. and sleep under his desk.
Tesla tries to reach the production target of Model 3
Musk has had difficult months at Tesla, arguing with stock market analysts at last meeting with investors in May, promising to create a new service to assess the credibility of the media that he believes is treating him unfairly and making fun of Wall Street critics who wonder if he will ultimately reach the goals to justify the high valuations of his actions.
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For a moment, it seemed that investors had become disillusioned with Musk and Tesla. After reaching its highest level last September, inventories lost about a third of their value, falling to their lowest level in 52 weeks in April, just before the production report of Model 3.
But guarantees Musk that production was on track and that the company would eventually be profitable in the second quarter of this year helped recover the value of the shares. Shares recovered more than three quarters of their lost value.
Jackie Wattles of CNNMoney contributed to this story.
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