The new deposits will provide a much-needed cash injection into the company to the tune of millions, depending on how many reservation holders go through with the purchase.
"We did it! What an incredible job by an awesome team", CEO Elon Musk wrote in a staff email obtained by news site, Elektrek. As Electrek's Fred Lambert notes, this is the usual weekly production rate for Model S and Model X, but adding that the 5,000 Model 3s to that has been the challenge.
"Reaching [the milestone] is one thing". "Consistently producing 5,000 per week with outstanding quality is another".
No matter how freakish, Tesla CEO Elon Musk's warnings to investors who bet against his company have been prescient.
But the CEO stressed that Model 3 assembly would not be impacted.
Electric auto maker Tesla Inc. has delivered on its CEO's promise to build a lower-priced vehicle at a rate of 5,000 per week by the end of June.
How crucial a role this additional line played in achieving this goal remains an unanswered question. "Many have been waiting since March of 2016, when Tesla began taking orders with a $1,000 refundable deposit".
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The Model 3, which is built at a factory in Fremont, Calif., retails for as low as $49,000, according to the AP.
What needs to happen to ultimately get to 10,000 cars a week, and when is that going to be achievable? Musk had first said in April that the company will be profitable in the third and fourth quarters of this year and will not have to raise any money.
Wall Street was divided on whether Musk and Tesla could pull it off. Will the company give any update on its quest for profitability and its cash condition?
Q2 production totaled 53,339 vehicles, a 55% increase from Q1, making it the most productive quarter in Tesla history by far.
Tesla has received around 450,000 Model 3 reservations but the cheapest version of the vehicle, priced at $35,000, is not yet available to customers. Will Tesla indicate what net reservations now are?
11,166 Model 3 vehicles and 3,892 Model S and X vehicles were in transit to customers at the end of Q2, and will be delivered in early Q3.
The firm promised it would reach the 5,000-car-per-week milestone by the end of the second quarter of 2018.
June was turbulent for Tesla.