Technology

Elon Musk says Tesla will ‘quite likely’ meet Model 3 production targets

Tesla chief executive Elon Musk said it was “quite likely” that the company would be able to meet its production target of 5,000 Tesla Model 3 units per week in June.

Despite a turbulent production process for the Model 3, with production falling behind and a serious issue in the braking system, the chief executive seemed confident that the new goal was realistic as production is currently at 3,500.

In April, the electric car manufacturer said it was making 2,270 Model 3 units per week which is less than half of the 5,000 it said it would produce by the end of June.

Read more: Musk keeps firm grip on Tesla as shareholders get behind boss

Musk said at the annual shareholder meeting yesterday: “This is the most excruciating hellish several months I've ever had … but I think we're getting there.”

The comment was made after shareholders decided to re-elect three directors and voted against a proposal to strip Musk of his chairman role, the biggest threat this far to his involvement in the company.

Tesla has been under a lot of scrutiny lately because of the troubles with Model 3 which is crucial to the company's financial future currently already in jeopardy after the company reported a loss of $709.6m (£529m) in the first quarter – more than double in the same period last year.

Musk continued: “At Tesla we build our cars with love. At a lot of other companies, they're built by marketing or the finance department and there's no soul. We're not perfect but we pour our heart and soul into it and we really care.”

The company's share price was down nearly two per cent this morning.

Read more: Tesla battery manufacturer Panasonic to develop cobalt-free EV batteries

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