Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » Auto
1-min read

Tesla Model 3 Production to Speed Up to 5000 Cars per Week

In a letter to shareholders, Musk said it has been difficult to get accurate forecasts for the car, a more affordable model for the automaker known for expensive vehicles.

AFP Relaxnews

Updated:February 12, 2018, 4:35 PM IST
facebookTwitterskypewhatsapp
Tesla Model 3
Tesla Model 3 comes with standard black paint.(Image: Tesla)
Loading...

A day after launching one of its cars into space, Tesla moved to ease concerns on earth over production delays for its Model 3, the key to future growth for the star electric carmaker. In its quarterly earnings update, the carmaker led by entrepreneur Elon Musk said it is moving ahead toward its goal of producing 5,000 Model 3 vehicles per week by the end of the second quarter.

In a letter to shareholders, Musk said it has been difficult to get accurate forecasts for the car, a more affordable model for the automaker known for expensive vehicles.

"What we can say with confidence is that we are taking many actions to systematically address bottlenecks... and these actions should result in our production rate significantly increasing during the rest of Q1 and through Q2."

Also Read: Volvo’s Performance Arm Reveals Pricing and Future Plans for Polestar 2!

Tesla reported a record loss for the quarter of $675 million on revenues of $3.3 billion. But Tesla shares rose 1.7 percent in after-hours trade, on the upbeat assessment of production efforts.

In the quarter, Tesla delivered 29,967 vehicles including 1,542 Model 3 vehicles. The Model 3, priced starting at $35,000, is key to Tesla's effort to becoming a mass producer and reshaping the automotive market. Its other cars sell for around twice that price.

On Tuesday, Musk's other major company SpaceX launched a Tesla Roadster into space aboard a Falcon Heavy rocket.

At Tesla, Musk has announced plans for an electric semi-truck, boosted production of batteries for its electric cars and for other uses and has expanded its network of charging stations.

It is also planning an autonomous coast-to-coast drive to "showcase a major leap forward for our self-driving technology," according to Musk.

The California-based company last month announced an unusual executive compensation plan that would enable Musk to be paid only if Tesla hits certain milestones.

Compensation for Musk, 46, will be based on a new 10-year performance stock award that could give him billions worth of company shares, or nothing at all if the company fails to meet its targets.

Also Watch:

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Arjit Garg
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results