Tesla CEO Elon Musk has set an aggressive new target for production of the Model 3. Its price - more affordable - starting $ 35,000, prompted many people to pre-order the model, the company having assured that it would be able to produce 5,000 new cars each week. In the past month, a Tesla SUV on auto-pilot crashed and killed the driver; thousands of the company's Model S cars had to be recalled; and CEO Elon Musk admitted excessive automation was a mistake.
"While further delays would not necessarily "make or break" Tesla, they will invariably exacerbate cash burn", wrote Sacconaghi, who rates the stock as "market perform".
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A spokesperson maintains that the shutdown was planned to "improve automation" and address potential bottlenecking, but yet another production target could mean a loss of investor confidence.
The goal Musk describes in the email is higher than the 5,000-a-week Model 3 target Tesla has set for the end of the second quarter, a potentially positive development that comes with some caveats.
Tomorrow, it will stop work at Fremont, for three to five days. The extra workers will help the company add a third shift of work for the "assembly, body and paint", allowing the facilities 24/7 operations.
To add to the extra shifts, Tesla has made a decision to hire 400 workers a week for several weeks.
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After a similar shutdown in February, Model 3, about which Tesla released almost the same statement, production did increase.
Musk believes that constant production will ensure 6,000 of its first mass-market vehicles are made each week by the end of June, the email obtained by technology blog Electrek showed Tuesday. The Wall Street consensus is at $320.
"Tesla's been trying to run full tilt", said Chaim Siegel, an analyst at Elazar Advisors, before Musk's letter was published. That's thanks in large part to the company's investment in the Model 3, which isn't likely to earn a profit anytime soon.
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