Tesla shares hit reverse amid missed Model 3 targets

Tesla to push for 6000 Model 3 cars per week by end-June, Musk says

Tesla aims to produce 6000 Models 3s per week by June end, says Electrek

Tesla Inc TSLA.O shares fell as much as 2 percent in premarket trading on Tuesday, a temporary halt in production of its Model 3 sedan adding to nerves about the electric auto maker's consistent failure to keep its promises on vehicle output.

The increased production rate is required to reach the publicly announced target of 5,000 cars per week with a realistic margin of error, the email said.

Tesla's use of robots to assemble Model 3s had led to more complexity and delays, which billionaire Chief Executive Elon Musk acknowledged on Friday in a tweet: "Excessive automation at Tesla was a mistake".

Tesla's problem-plagued Model 3 sedan is a case in point. Tesla ended up churning out 2,020 cars in the last seven days of the month of March, after Model 3 production progressed in fits and starts for most of the quarter, even experiencing a complete shutdown to solve "automation issues" for a period of several days.

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The company says it warned of future production pauses when it shut down the line to improve automation in February.

Workaholic Tesla boss Elon Musk has been working under a lot of stress at work lately, pulling night shifts and sleeping in the office on a cold, cramped sofa.

In order to accomplish the new production goal, Tesla is stopping work at the Gigafactory today.

After a similar shutdown in February, Model 3, about which Tesla released almost the same statement, production did increase.

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"Another set of upgrades starting in late May should be enough to unlock production capacity of 6,000 Model 3 vehicles per week by the end of June", Musk added in the letter, according to Electrek.

Monday's announcement came just three days after Musk expressed confidence he could speed up production of the company's vehicles. The push follows production problems at the factory that have kept the company from meeting its manufacturing targets and worrying investors.

Musk, who has said his automaker will be profitable and cash-flow positive in the third and fourth quarters and won't need another capital raise this year, also outlined cost-saving measures in his email.

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