Tesla reduces production goals for Model 3 cars

Elon Musk, chief executive officer, Tesla.
By CRM Staff
 
Toronto, Ontario — February 12, 2018 — A new announcement from Tesla has the company lowering its production goals for the time being. Their original goal of producing 5,000 Model 3s per week has yet to be achieved. Tesla initially stated that they hope to see the 5,000 unit weekly goal met by the end of the second quarter in 2018 and then lowered their aim to 2,500 units each week by the end of the first quarter. 
 
Elon Musk, chief executive officer, Tesla has been quoted as saying the company feels “like the error bars around the unit volume predictions are getting smaller with each passing week.” In a recent conference call, though, Tesla confirmed suspicions about production issues on the Model 3s, which has been slowing down their outputs. The source of the issues appears to be in their Nevada facility, where they intend to implement automatic assemblies for battery production once the equipment has been received from Germany. 
 
Others are more skeptical about the company’s ability to get things back on track. Jeffrey Osborne, analyst for Cowen, says “We view the 2,500 target in March, in particular, as extremely aggressive due to management’s acknowledgement of needing to get the robotic equipment in Germany disassembled, shipped to the U.S., and then reassembled and programmed in order to hit roughly 2,000 to 2,500 units per week.”
 
To see more on the Model 3, visit tesla.com
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