Electric-vehicle manufacturer Tesla reported quarterly sales Tuesday that showed an increase in Model 3 production to 2,000 units per week as analysts criticize the company for being strapped for cash. Tesla founder Elon Musk joked about the company going bankrupt for April Fools. In a statement released Tuesday morning, the automaker said it delivered 8,180 Model 3s. "If this rate of growth continues, it will exceed even that of Ford and the Model T," it claimed.
The Silicon Valley upstart may be riding high on hubris with that statement as earlier production restraints for Model 3 unduly shed current production numbers in a positive light. Still, it will be welcomed news to those who've sat on Model 3 reservations, many for over 12 months. In the first quarter of 2018, Tesla reported it manufactured "34,494 vehicles, a 40% increase from Q4 and by far the most productive quarter in Tesla history." Of that total, 9,766 units were Model 3s. The company stated the increase in Model 3 production was due to "several short factory shutdowns to upgrade equipment." Tesla is confident it won't "require an equity or debt raise this year" as it aims to produce 5,000 Model 3s per week by the end of Q2 2018.
The company made no mention of its earlier stated goal to produce 2,500 units of its entry-level electric sedan by the end of Q1. On the delivery side of the business, Teslas found a total of 29,980 driveways during the first quarter of the year. 11,730 were Model S, 10,070 were Model X, and 8,180 were Model 3. "An additional 2,040 Model 3 vehicles were also in transit to customers. These vehicles will be delivered in early Q2 2018, which keeps us on track for our full-year 2018 Model S and X delivery guidance," stated Tesla. Unlike other automakers, Tesla reports production numbers and sales on a quarterly basis, which makes it difficult to draw comparisons to other automakers.
General Motors, however, will change its reporting practices from a monthly to quarterly schedule. GM's issued its last monthly report on Tuesday for the month of March.
