Tesla Inc. (NASDAQ:TSLA) has been in the news consistently for the past year, as chaos has surrounded its CEO, Elon Musk. Interest in Tesla spiked when the Model 3 was unveiled in July of 2017.
Elon's debut. #Tesla #Model3 pic.twitter.com/04eCDenNxz
— Peter Holley (@peterjholley) July 29, 2017
Tesla Model 3
The all-electric car company, based in Palo Alto, California, announced its ‘affordable’ all-electric car model in September of 2016 but provided customers with little details at the time.
At its unveiling, the Model 3 was touted as the first “mass-market” electric car. It was expected to reach o to 60 mph in 5.6 seconds and started at $35,000.
Tesla underestimated how long it would take to manufacture the cars, and failed to meet expected deadlines in the fall of 2017. The first 30 Model 3’s were given out to individuals for feedback.
“Frankly, we’re going to be in production Hell,” Musk said of the release of the Model 3. “As the saying goes, if you’re going through Hell, keep going!”
Hell is exactly what he’s been through. In May of 2016, Tesla reported that it had 373,000 reservations of the Model 3 and by July, that number had risen to over 500,000. Those who put a refundable deposit down on the Model 3’s, in the beginning, all expected to receive them by the end of 2018.
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Musk Crumbles but Tesla Production Met
Tesla vowed to make 500,000 vehicles in a year but hadn’t yet met its quarterly production goals—until now. An employee familiar with the matter told the Publication Electrek that Tesla had produced over 80,000 model vehicles in the third quarter of 2018.
Despite the chaos surrounding its CEO, the all-electric company seems to be thriving. Among the 80,000 vehicles, around 53,000 Model 3’s were manufactured.
No matter what may be going on with upper management, it’s an impressive increase in the company’s production capacity.
According to Yahoo Finance, TSLA shares are trading at $307.89 a share, up $43.12 (+16.29%).
