The goal set by the company, which comes in the final days of Tesla's second financial quarter, was to produce 5,000 vehicles a week. Tesla's stock is up about three percent in the wake of the announcement.
In early June, Musk told shareholders at Tesla's annual meeting that he was feeling optimistic about Model 3 production thanks to a third general assembly line.
Also Monday, Tesla announced its overall second-quarter production numbers: A total of 53,339 vehicles, up 55 percent from the previous quarter, which made the second quarter the most productive one for the company so far.
In an email, Mr Musk praised staff for reaching the much-delayed goal, helped by setting up production in a tent. The boost in productivity has been attributed to GA4, the new Tesla production line which is located in a tent. Tesla employees and enthusiasts have been celebrating it while Wall Street is doubting the significance of it. In a note obtained by Marketwatch, Levy explains that the production rate isn't "operationally or financially sustainable".
Despite the pop, shares quickly turned negative once Tesla confirmed the Model 3 milestone in a regulatory filing Monday morning that said it built 5,031 Model 3 vehicles in the last week of the quarter. Amid a cash crunch, Tesla has focused on Model 3 options with sticker prices in the $65,000+ range, as opposed to the more affordable $35,000 base model, which it has yet to begin building. "What an incredible job by an unbelievable team". Couldn't be more proud to work with you.
Reaching the 5,000-unit target represents a doubling of weekly production since Tesla's first quarter production rate for the Model 3.
"When we start to provide customers an opportunity to see and test drive the vehicle at their local store, we expect that our orders will grow faster than our production rate", the company said today.
"We either found a way or, by will and inventiveness, created entirely new solutions that were thought impossible", he added. Tesla recently opened up its order system to those in the USA and Canada with Model 3 reservations. "These cuts were nearly entirely made from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months".
If Tesla managed to put off the 200,000th delivery until after June, tens of thousands more customers will have a chance to take advantage of the full credit.
The Tesla (which we codenamed "Model U" in our renderings) will also have a load-adjusting suspension, according to Musk.
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