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SAN FRANCISCO (Reuters) – Tesla Inc. ( TSLA.O ) almost produced 5,000 model 3 electric sedans in the last week of its second quarter, with the last car arriving from the chain of assembly Sunday morning. , several hours after the midnight goal set by general manager Elon Musk, two factory workers told Reuters.
Tesla did not immediately respond to a request for comment.
Tesla's goal was to produce 5,000 models 3 a week before the end of the second quarter on Saturday to demonstrate that it could mass-produce the battery-powered sedan.
Tesla burns money to produce model 3, and delays have also potentially compromised Tesla's leading position in the market for a mid-range long-range battery powered electric car, so that many competitors are preparing to launch rival vehicles.
The production of Model 3 has been plagued by a number of problems, including problems of dependence on the automation of its assembly lines, the problems battery and other bottlenecks.
At the end of the quarter, Musk goaded the workers, built a new assembly line in a huge tent in front of the main factory, and fanned the hopes that Tesla would reach his target, including tweeting pictures of rows of coins. automobiles and robots. during the last days of the quarter.
"It was quite hectic," said a worker who described the atmosphere as "everyone on the bridge."
Another worker speaking after the 5000th car was described as a "mass party". ] Tesla is likely to announce production and delivery figures for the quarter later this week, and investors will look to see if the company can maintain its production speed at the end of the quarter.
The company regularly engages in what's called "bursts", temporary periods of production as fast as possible, which it uses to estimate the number of cars that she is able to build on longer periods.
Barclays analyst Brian Johnson warned investors in March that he had to be wary of the brief "break-up rates" of model 3 production that were not sustainable .
Tesla said in May that its net bookings for model 3 – new orders and cancellations – exceeded 450,000 at the end of the first quarter.
Although Model 3 is considered a $ 35,000 vehicle, Tesla has not yet started building this basic version and is currently building a more expensive version. We do not know how many orders are for the more expensive versions.
Tesla pushed back in January its deadline for the construction of 5,000 vehicles per week until the end of the second quarter, the latest in terms of several delays affecting some investors.
Steady progress has excited others, however, and Tesla's market value is close to that of General Motors Co ( GM.N ). The company said that it would not need to increase its cash this year.
June was turbulent for Tesla. It laid off 9% of its workforce, suffered at least two fires at its Fremont, Calif. Plant, and accused a former employee of sabotaging for speaking to the media. The ex-worker claims that he is a whistleblower.
In early June, Musk said it was "very likely" that Tesla could deliver 5,000 Model 3s a week by the end of the quarter. At the time, Tesla was producing 3,500 vehicles a week, he said.
At the end of June, workers told Reuters that the company was building less than its goal of 5,000 per week.
Report of Alexandria Sage and Sal Rodriguez; Editing by Peter Henderson, Dan Grebler and Lisa Shumaker
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