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In an email to staff Sunday, Musk noted that Tesla's Model S and Model X cars had also met their production targets, bringing the combined total of finished electric vehicles to 7,000 in a single week.

CEO Elon Musk sent an e-mail to company employees Sunday praising them for producing 5,000 Model 3s, a compact auto that's created to shift Tesla from a niche manufacturer to a mainstream automaker.

Mr Musk said that, together with production of Tesla's Model S auto and Model X SUV, the company achieved "a combined 7,000 vehicle week!".

Tesla (TSLA) on Sunday said it produced 5,031 Model 3 vehicles in the last week of the second quarter, inching past its goal of 5,000 vehicles for the first time.

Musk has acknowledged the production struggles on Twitter, where he discussed sleeping at the factory while also blasting out photos of the tented assembly line, as well as armies of seats and other vehicle supplies destined for Tesla cars. Wall Street investors, who have pushed the company's stock beyond $340 per share, are growing impatient with the losses.

"We did it!", Musk wrote in the email to employees.

Importantly, Tesla said the Model 3 reservations count at the end of the second quarter still stood at roughly 420,000.


In May, Tesla sent a new battery assembly line via cargo planes to its Gigafactory battery plant outside Reno, Nevada in order to speed production, as first reported by Reuters. That said, as long as capital markets are willing to support the company despite its "atypically high valuations", he doesn't think Tesla will have a problem funding new product developments. "We'd like to thank Doug for his hard work over the years and for everything he has done for Tesla", said a Tesla representative in a statement to Roadshow. Augmented with GA4, the Model 3's newest assembly line set up in the massive sprung structure on the grounds of the Fremont factory, however, Tesla noted that it was able to hit its production target for the compact electric auto faster. The 7,000 total includes all other cars Tesla now produces.

Despite touting the Model 3 as a $35,000 vehicle, Tesla has yet to begin building that basic version and instead is now building a higher-priced version.

Last summer, Musk set a production goal of 20,000 Model 3's per week for the end of 2017 - and 500,000 for all of 2018.

And the progress has not been limited to the Model 3.

Now, after producing 5,031 Model 3s in the past seven days, the company is raising its production goals for its cheapest vehicle yet - considered key to its future - to 6,000 a week. Tesla has delivered 28,386 Model 3 cars to date.

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.


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