Tesla hits Model 3 production target, backs profit view

Tesla hits Model 3 production target, backs profit viewTesla, which Chief Executive Elon Musk hailed on Sunday as having become a “real car company,” said it now expects to boost production to 6,000 Model 3s per week by late August, signaling confidence about resolving technical and assembly issues that have plagued the company for months. The electric carmaker’s shares rose as much as 6.4 percent to $ 364.78 in early trading, after Tesla said it produced 5,031 Model 3 cars in the last seven days of the second quarter. Money-losing Tesla has been burning through cash to produce the Model 3, and delays have also potentially compromised Tesla’s first-to-market position for a mid-priced, long-range battery electric car as a host of competitors prepare to launch rival vehicles.

Yahoo News – Latest News & Headlines