Tesla Built 53,000 Models 3s in Q3, 80,000 Vehicles Total

Tesla Built 53,000 Models 3s in Q3, 80,000 Vehicles Total

Tesla Built 53,000 Models 3s in Q3, 80,000 Vehicles Total

The embattled executive, who reached a settlement with the Securities and Exchange Commission last week over charges related to his disclosure of a go-private plan, also told employees that Tesla is nearing profitability.

Tesla missed its weekly Model 3 production target on Tuesday and said it was facing a 40 percent import tariff in China due to the ongoing U.S-China trade war. But Tesla has failed to meet another goal it set for itself: It had wanted to produce 5,000 Model 3 vehicles per week on a consistent basis.

Tesla produced over 5,300 Model 3 cars in the last week of September, falling short of its target of 6,000.

The Palo Alto, California-based company said Tuesday it built 80,142 vehicles in the third quarter, a 50 percent increase over the same period a year earlier. Musk and Tesla will each pay $20 million to resolve the case. The agency initially sought to bar him from serving as an officer or director, a pursuit that would have overshadowed the progress the company has made in manufacturing more vehicles.

The Model 3 sedan is key to the money-losing company's growth and profit plans and underpins its goal of eventually becoming a mass-production automaker. We also want to thank all of our customers who volunteered to help us with deliveries, and our new customers who are showing their faith in Tesla by purchasing our products in such large numbers. "If we go all out tomorrow, we will achieve an epic victory beyond all expectations".

With the SEC action now in the past, investors are looking to Tesla's latest quarterly release to see whether the company can break its habit of not meeting its own ambitious production targets. Tesla's shares dipped 1 percent to $306.24 during Tuesday's midday trading after soaring Monday on the news of the SEC settlement. Overall, 55,480 of these were Model 3s compared to 14,470 Model Ss and 13,190 Model Xs.

It is increasingly hard to make sense of Tesla's math.

Musk tweeted back and acknowledged the problem: "Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable".

"This business of putting down a deposit and waiting forever to get the coolest auto on the planet, well it's no longer going to be the coolest vehicle on the planet, so you're going to have to start delivering them or people are going to stop buying them", he said.

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