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| Tesla Reports Uptick in Model 3 Output, but Falls Short of Musk’s Goal | Tesla Reports Uptick in Model 3 Output, but Falls Short of Musk’s Goal |
| (about 1 hour later) | |
| Tesla said on Tuesday that it had produced almost 10,000 Model 3 electric cars in the first three months of 2018, a significant increase from the fourth quarter of last year but still short of the goal that investors hoped the company would reach. | Tesla said on Tuesday that it had produced almost 10,000 Model 3 electric cars in the first three months of 2018, a significant increase from the fourth quarter of last year but still short of the goal that investors hoped the company would reach. |
| The company said it had expanded output of the Model 3, its first mass-market offering, by “rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment.” | The company said it had expanded output of the Model 3, its first mass-market offering, by “rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment.” |
| The Model 3 is critical to Tesla’s efforts to shore up its finances and generate revenue to repay investors and to develop other vehicles, including an electric truck. | The Model 3 is critical to Tesla’s efforts to shore up its finances and generate revenue to repay investors and to develop other vehicles, including an electric truck. |
| In the past seven days, Tesla said, it produced 2,000 Model 3 vehicles, a rate it expects to sustain in the coming week. | In the past seven days, Tesla said, it produced 2,000 Model 3 vehicles, a rate it expects to sustain in the coming week. |
| Tesla’s chief executive, Elon Musk, once envisioned producing as many as 500,000 Models 3s this year, but production glitches and other delays have slowed output to a crawl. In the fourth quarter, the company built just 2,425 of the cars. | Tesla’s chief executive, Elon Musk, once envisioned producing as many as 500,000 Models 3s this year, but production glitches and other delays have slowed output to a crawl. In the fourth quarter, the company built just 2,425 of the cars. |
| Its most recent target was to lift production to 2,500 a week. | Its most recent target was to lift production to 2,500 a week. |
| On Monday, Mr. Musk took exception to a report by The Information, a technology news website, that he had pushed aside the company’s senior vice president of engineering, Doug Field, and taken direct charge of Model 3 production. | On Monday, Mr. Musk took exception to a report by The Information, a technology news website, that he had pushed aside the company’s senior vice president of engineering, Doug Field, and taken direct charge of Model 3 production. |
| “Can’t believe you’re even writing about this,” Mr. Musk said on Twitter. “My job as CEO is to focus on what’s most critical, which is currently Model 3 production. Doug, who I regard as one of the world’s most talented engineering execs, is focused on vehicle engineering.” | “Can’t believe you’re even writing about this,” Mr. Musk said on Twitter. “My job as CEO is to focus on what’s most critical, which is currently Model 3 production. Doug, who I regard as one of the world’s most talented engineering execs, is focused on vehicle engineering.” |
| After others commented on his post, Mr. Musk elaborated: “About a year ago, I asked Doug to manage both engineering & production. He agreed that Tesla needed eng & prod better aligned, so we don’t design cars that are crazy hard to build. Right now, tho, better to divide & conquer, so I’m back to sleeping at factory. Car biz is hell …” | After others commented on his post, Mr. Musk elaborated: “About a year ago, I asked Doug to manage both engineering & production. He agreed that Tesla needed eng & prod better aligned, so we don’t design cars that are crazy hard to build. Right now, tho, better to divide & conquer, so I’m back to sleeping at factory. Car biz is hell …” |
| Including the Model S, a luxury sedan, and the Model X, a sport-utility vehicle, Tesla produced almost 35,000 vehicles in the first quarter, 40 percent more than in the previous quarter. In a filing with the Securities and Exchange Commission, the company called it “the most productive quarter in Tesla history.” | Including the Model S, a luxury sedan, and the Model X, a sport-utility vehicle, Tesla produced almost 35,000 vehicles in the first quarter, 40 percent more than in the previous quarter. In a filing with the Securities and Exchange Commission, the company called it “the most productive quarter in Tesla history.” |
| Tesla has been slammed in recent weeks by a barrage of negative news. Concern has grown over the safety of its Autopilot driver-assistance system after a fatal crash in California on March 23 that the company said occurred while Autopilot was engaged. It was at least the third fatal crash that has taken place while a driver was using Autopilot. | Tesla has been slammed in recent weeks by a barrage of negative news. Concern has grown over the safety of its Autopilot driver-assistance system after a fatal crash in California on March 23 that the company said occurred while Autopilot was engaged. It was at least the third fatal crash that has taken place while a driver was using Autopilot. |
| Tesla’s stock and bond prices have plunged amid concerns about how much cash the company is using as it struggles to speed up assembly and sales of the Model 3. With a starting price of $35,000, the car is supposed to be more affordable than Tesla’s other cars. The company has been counting on a quick expansion of its Model 3 business to increase revenue. | Tesla’s stock and bond prices have plunged amid concerns about how much cash the company is using as it struggles to speed up assembly and sales of the Model 3. With a starting price of $35,000, the car is supposed to be more affordable than Tesla’s other cars. The company has been counting on a quick expansion of its Model 3 business to increase revenue. |
| Tesla’s shares were up 7 percent in afternoon trading Tuesday after the company’s filing, but have still shed 22 percent of their value in barely three weeks. |