Tesla holds fast on Model III production objective
Tesla Inc claimed on Wednesday it was sticking with Chief Executive Elon Musk’s adjusted production targets for its Model 3 electric car and submitted smaller than predicted quarterly loss.
Model 3 is seen as important to Tesla’s ambition of transforming itself into a successful company.
Having said that, Tesla has struggled to ramp up production of the car as a result of manufacturing troubles, pushing the company to miss its delivery objectives before.
“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 claimed it had $3.37 billion in cash and cash-equivalents as of Dec. 31, when compared with $3.53 billion at the end of the third quarter.