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Tesla hits Model 3 production target, backs profit view

July 2, 2018

Via: Reuters

(Reuters) – Tesla Inc (TSLA.O) crossed its long-elusive target of producing 5,000 Model 3 cars in a week after several delays, and reaffirmed its positive cash flow and profit forecast for the rest of the year.

Tesla also said it expects to increase production to 6,000 per week by late August, indicating that it is overcoming the production issues that plagued the company for several months.

The electric carmaker’s shares rose 5 percent to $361 in early trading, after the company said it produced 5,031 Model 3 cars in the last seven days of its second quarter.

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