Tesla persist on Model III production target
Tesla Inc mentioned on Wednesday it was sticking with Chief Executive Elon Musk’s modified production targets for its Model 3 electric car and released lesser than envisioned quarterly loss.
Model 3 is regarded as vital to Tesla’s aspirations of modifying itself into a rewarding company.
Having said that, Tesla has struggled to increase production of the car on account of manufacturing challenges, pressuring the company to miss its delivery objectives 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 corporation 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.