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Tesla’s Model 3 To Achieve Weekly Production Goals Soon

Tesla had assured a production of 5,000 cars a week but fell short of its goal by a far margin.

Elon Musk, the CEO, and chairman of Tesla spoke positively on achieving its production goal soon. This announcement in the shareholders annual meeting reflected positively on the shares on Tuesday, which gained 15% from its lows of April 2.

Tesla had some issue with producing its Model 3 vehicles. But has started to correct the production issue, by meeting demands, through increased volume, says Elon Musk, the Chief Executive in Tesla.

Currently, Tesla is producing 500 vehicles from Model 3, which are 3,500 vehicles per week. It is soon expected to hit the targeted 5,000 vehicles per week. Though the original target of 5,000 vehicles has been put off twice, the company is striving to solve all its production issues, as early as possible, Musk has clarified in the shareholder meeting held recently in California.

Model 3 has been facing many problems like over-automation, supplier problems, low production and financial deficits. Earlier in 2016, Model 3 was claimed to be a mass-market product that would drive the market in electric vehicles.

Tesla was supposed to make 2,500 vehicles a week by the end of the first quarter. But it was lagging with 2,000 Model 3 vehicles and fell short of its goal.

The smaller version that runs with a battery pack of 50 KWH will hit the roads by this year. You can expect these models by early 2019, feels Elon Musk. By the end of the first quarter, next year, the entry-level vehicles will swing into full production that would cater to the requirements of those holding reservations.

Production this month has been good and this will become the pattern for the days to come, claims Musk. Even though the cars are behind in production levels, they continue to dominate the electric car market in the United States.