Tesla-which just went through a very bad month on the stock market, losing 22 percent-started the month of April equally disappointing, dropping more than 5 percent on Monday ahead of today's first-quarter delivery numbers, which some feared would shed an ugly light on how tough the "production hell" for the Model 3 has been. Within that time, it was able to double weekly production of Model 3s and shipped a total of 8,180. Currently, it is the #1 EV maker in America. Now, it insists, "the quality of Model 3 coming out of production is at the highest level we have seen across all our products".
In a letter to investors, Tesla struck are more formal, and optimistic note.
Investors have been anxiously awaiting Tesla Model 3 production numbers as rumors have been swirling about problems at the electric automaker.
The production numbers, short of Tesla's own target of 2,500 per week for the end of March, are far higher than the quantity of 793 Model 3s built in the final week of previous year. The production rate for the Model 3 also revealed a fourfold growth over the past quarter. Significantly, Tesla said it expects to make 2,000 over the next seven days, which it said "is a testament to the ability of the Tesla production team". More than 6,000 cars, comprised of all three types, were in transit by the end of the quarter and will be counted as Q2 2018 deliveries.
Reservations for the Model 3 "remained stable", with cancellations attributed "almost entirely due to delays in production in general and delays in availability of certain planned options".
Tesla noted that its delivery figures are "slightly conservative", and that it only considers a vehicle to be delivered once the auto is transferred to a customer and all paperwork is complete.
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The agency had no prior history with the family, said Norah West, a spokeswoman with the Department of Social and Health Services. A neighbor Bruce Dekalb said, "I think that it's a little unusual that three of them left the vehicle and three of them didn't".
Despite what some experts have been predicting, Tesla says it will not need an equity or debt raise this year other than standard credit lines.
While there had been concerns that the Model 3's arrival might dampen enthusiasm for Tesla's existing cars, the automaker says that's not in fact the case.
Tesla is now making only 975 Model 3s a week - well short of the 2,500-unit rate target by the end of this quarter.
"This is the fastest growth of any automotive company in the modern era", Tesla said.
Launches may be more so the domain of Space Exploration Technologies Corp, Musk's rocket company, though Tesla has had its fair share of them, too. It now has three months to get to 5,000 Model 3s in two consecutive weeks.
It built 9,766 of the Model 3's during the quarter, up about 300% from the fourth quarter. He's back to sleeping at the factory. Tesla shares were trading up around 3.0% at mid-day following the announcement, recouping some of the earlier losses.