Tesla holds fast on Model III development target
Tesla Inc reported on Wednesday it was sticking with Chief Executive Elon Musk’s modified production targets for its Model 3 electric car and submitted reduced than predicted quarterly loss.
Model 3 is viewed as important to Tesla’s mission of altering itself into a profitable company.
Having said that, Tesla has not been as successful to increase production of the car because of manufacturing problems, pressuring the company to miss its delivery goals in the past.
“We continue to target weekly Model 3 production rates of 2,500 by the end of (first quarter) and 5,000 by the end of (second quarter),” Tesla said in a statement.
The company explained it had $3.37 billion in cash and cash-equivalents as of Dec. 31, as opposed with $3.53 billion at the end of the third quarter.