Recently, Tesla, Inc. (Nasdaq:TSLA), put production of their Model S and Model X electric vehicles on hold to focus on increased production of the Tesla Model 3.
The company has succeeded in reaching its target of Model 3s, and according to Tesla’s first quarter vehicle product and deliveries report, 2,020 Model 3 vehicles were produced within the past seven days.
In the next seven days, Tesla is expected to produce 2,000 Model 3 vehicles and 2,000 Model S and Model X vehicles.
Out of 29,980 vehicles delivered in the first quarter, 8,180 were Model 3s and they predict that Model 3 production rate will continue to climb through the second quarter.
According to the company, “the quality of Model 3 coming out of production is at the highest level we have seen across all our products” and customer satisfaction for it has reached 93%, which is the highest rating Tesla has had, so far.
Tesla has also stated that the delivery total for the Model S was 11,730 and 10,070 for the Model X and that the demand for both vehicles “remains very strong.”
The quarterly production rate of the Model S, X and Model 3 combined increased by 40% from the previous fourth quarter.
In total, 4,060 Model S and X, and 2,040 Model 3 vehicles were in transit to customers by the end of the first quarter and the company says these vehicles will be delivered early in the second quarter.
While Tesla may be back on track, other automotive companies in the luxury car market, such as Audi and Jaguar, will soon be releasing their own fully electric cars and be actively competing against Tesla.
>>>Electric SUVs from Audi, Jaguar to Challenge Tesla
As of midday (EDT), Tesla shares have gone up by at least 5.50% and look to be steadily rising.
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