Tesla Model 3 production misses targets for the 1st quarter
Tesla reported first-quarter deliveries on Monday and fell short of a highly-anticipated target for the mass-market Model 3 sedan.
For the quarter the carmaker produced 9,766 of the all-electric vehicle, with a $35,000 base price but currently being built in a $44,000 version. The Model 3 has been beset with production delays since its launch last July.
Tesla delivered 8,180 Model 3s in the same three-month period.
The final week of March saw a surge in Model 3 assembly.
"In the past seven days, Tesla produced 2,020 Model 3 vehicles," Tesla said in a filing with the Securities and Exchange Commission. "In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles."
The company had earlier said that it would be manufacturing 2,500 vehicles weekly by the end of Q1.
In the same statement, Tesla reaffirmed a production target of 5,000 Model 3s per week by the end of the second quarter.
Tesla also surprisingly stated that the company would not "require an equity or debt raise this year, apart from standard credit lines."
Tesla cash burn-rate has led to widespread speculation that a capital raise was coming in 2018.
As for Tesla other vehicles, the automaker said that of a Q1 total of 29,980 vehicles, "11,730 were Model S [and] 10,070 were Model X."