Tesla has once again missed its production target for the Model 3, but things are improving in the brand’s push for mass-market success.
The company described Q1, 2018 as “by far the most productive quarter” in its history, with a total 34,494 cars produced. Just 9766 of that figure were the Model 3 – the rest were Model S and Model X.
Last week, a total of 2020 Model 3 orders rolled off the production line, falling short of the 2500 per-week goal laid out last year. Next week, it plans to build 2000 examples of the ‘affordable’ mid-size sedan.
Although the most recent report represents another missed target, Tesla’s investor communications were (unsurprisingly) positive. The company described the result as a “testament to the ability of the Tesla production team”, and says “what took our team five years for S/X, took only nine months for Model 3”.
Based on the Q1 result, the company expects Model 3 production to “climb rapidly” over the next three months. The goal is still to be producing 5000 cars per week by the start of Q3.
It hasn’t guaranteed that goal will be met, but says the next three months will lay the “groundwork” for the “long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow”.
Experts have predicted otherwise, but the report says Tesla won’t need an equity or debt raise beyond its ‘standard credit lines’ this year.
Along with the sales figures, Tesla used its quarterly report to highlight the “quality of Model 3 coming out of production”, arguing a 93 per cent customer satisfaction rating is the highest in its history.
You may have noticed a distinct lack of detail about when the Model 3 will be touching down in Australia. We’ve contacted Tesla for more information, so stay tuned.
At the moment, the Tesla Australia website says orders placed now will be delivered in the next ’12 to 18 months’. Right-hand drive production is set to start in mid-2019, according to a tweet from Elon Musk.