Tesla shares higher after Model 3 production boost

Tesla Moves Autopilot Controls to Steering Wheel for Model 3 Units

"Tesla does not require an equity or debt raise this year, apart from standard credit lines", the company said.

"We were able to double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment", Tesla said in a statement.

Invest wisely, my friends.

The baby steps that were the start of the Tesla Model 3's production life have evolved into the strides of a toddler, with the company revealing it shipped five times as many sedans in Q1 as it did in Q4 previous year.

The company is counting on the success of the new offering, the Model 3, to increase revenue and help pare its losses as Tesla invests heavily in the vehicles it hopes to offer in the future. Tesla reported that for the last week of March production reached 2,020 models in the last seven day period of the month.

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Deliveries for the quarter came in just under 30,000 units, with Tesla shipping to customers 11,730 units of the Model S, 10,070 units of the Model X, and 8,180 units of the Model 3.

"The TP reduction is largely a reflection of the on-going delays to the ramp to reach c10k units a week and a time when Model 3 gross margins begin to normalize, with scale".

The Model 3 production did not go to plan. Moody's warned that the company might need to raise another $2bn (£1.4bn) to remain solvent, and that its rating was likely to be downgraded further if it failed to meet its production targets. The mass production of automobiles, on the other hand, has been perfected through decades of intense competition, and Tesla's slowly finding out that maybe the surviving companies are good at manufacturing after all. Tesla has become a very unusual share animal - what analysts call a "story stock".

Competition isn't far behind, with Jaguar's i-Pace launching in early March at the high end, and the Model 3 facing the Chevrolet Bolt (launched last year), and a large number of similar long-range alternatives (including the Nissan LEAF 230-mile range version, Hyundai Kona EV, Kia Niro EV and Audi eTron) in 2018. "The strategy of Tesla is to enter at the high end of the market, where customers are prepared to pay a premium", Elon Musk wrote over a decade ago, "and then drive down market as fast as possible to higher unit volume and lower prices with each successive model".

Bloomberg News' experimental tracking model estimates that Tesla built about 9,285 Model 3s for the first quarter, or about 774 a week.

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