Tesla says it has doubled its weekly Mode 3 production in Q1

Tesla Moves Autopilot Controls to Steering Wheel for Model 3 Units

Model 3 Interior Leo Nguyen Wikimedia Creative Commons

On Friday, however, shares of the automaker rebounded more than 3% as investors appear increasingly ready to "buy the dip" with this company, placing their faith in the vision and guidance of one of the most inspirational CEOs the world has had the pleasure of experiencing: Elon Musk.

The Model 3 delivery figures offered some reassurance to investors, and shares in the company up 4.9% just after stocks opened in NY.

The Tesla bears, meanwhile, can point to yet another production milestone missed for the Model 3.

The answer lies in the fact that Tesla is now in the process of rolling out it's newest line of cars, called the Model 3. Auto industry blogs - citing an unverified memo - had reported on Tuesday that production of the Model 3 passed the 2,000 per week production rate.

Last week, Field had also sent a mail to its employees announcing Tesla would reallocate employees to focus on Model 3 production.

Musk made a similar statement to relieve doubts a little more than a year ago when Tesla was facing questions about the cash it had been burning through as the company was scaling up for the Model 3. "This is a company about growth, and growth needs financing", said Hitin Anand (Bloomberg), an analyst at CreditSights, an independent investment research provider.

The number that may be the most watched, however, are weekly Model 3 production numbers. The previous production target of 2,500 a week is easily forgotten. That's four times what it made in the fourth quarter. The Tesla produced 24,728 Model S and Model X vehicles, while 9,766 Model 3 sedans were produced in the quarter.

"Even if they're able to cobble together a couple of good weeks, that doesn't mean that the sustainable run rate will continue", Rusch said. Model S and X customer vehicles in transit were high. A photograph showed Musk apparently slumped unconscious beside a Model 3, holding a cardboard sign reading "Bankwupt". These vehicles will be delivered in early Q2 2018, which keeps us on track for our full-year 2018 Model S and X delivery guidance. He agreed that Tesla needed eng & prod better aligned, so we don't design cars that are insane hard to build.

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".

We would like to thank our customers, suppliers and investors for their continued patience and belief in Tesla.

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