Tesla Beats Model 3 Production Target, Delivers 83,500 Vehicles

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Tesla produced a total of 80,142 electric cars in its fiscal 2018 third quarter, 50 percent more than its earlier all-time high of 28,578 in the second quarter. The Palo Alto, California-based company delivered 26,903 Model X and S vehicles combined, as well as 53,239 Model 3s.

The company’s Model 3 sedans output averaged about 4,000 per week. Chief Executive Elon Musk has been calling for production of 5,000 Model 3s per week.

In a statement released on Tuesday morning, the company said, “During Q3, we transitioned Model 3 production from entirely rear wheel drive at the beginning of the quarter to almost entirely dual motor during the last few weeks of the quarter. This added significant complexity, but we successfully executed this transition and ultimately produced more dual motor than rear wheel drive cars in Q3. In the last week of the quarter, we produced over 5,300 Model 3 vehicles, almost all of which were dual motor, meaning that we achieved a production rate of more than 10,000 drive units per week.”

Tesla delivered 83,500 vehicles, including 13,190 Model X, 55,840 Model 3, and 14,470 Model S. These deliveries correspond to 80 percent of all the deliveries that the electric-car maker made in fiscal 2017. The number of Model 3 sedans delivered in the third quarter was three times higher than all past quarters combined.

Tesla also said that 8,048 Model 3, as well as 3,776 Model X and S, were in transit to customers. It expects to deliver the vehicles in the early weeks of its fourth quarter. The company has not changed its goal of delivering 100,000 Model X and S this year.

Tesla Inc Company Profile

Tesla, Inc. designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage.

The Automotive segment offers sedans and sport utility vehicles. It also provides electric vehicle powertrain components and systems to other manufacturers; and services for electric vehicles through its company-owned service centers, Service Plus locations, and Tesla mobile technicians. This segment sells its products through a network of company-owned stores and galleries.

The Energy Generation and Storage segment offers energy storage products, such as rechargeable lithium-ion battery systems for use in homes, commercial facilities, and utility grids; designs, manufactures, installs, maintains, leases, and sells solar energy systems to residential and commercial customers. It also sells renewable energy to residential and commercial customers.

The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was founded by Elon Musk, Jeffrey B. Straubel, Marc Tarpenning, and Martin Eberhard on 2003. Its headquarters in Palo Alto, California. – Yahoo Finance

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