Musk tells Tesla employees to prove 'naysayers' wrong

Musk tells Tesla employees to prove 'naysayers' wrong

The company handed over 83,500 vehicles in the third quarter, doubling its total in the prior three months. Averaged over the quarter, the production number comes out to 4,295 cars per week. Tesla did not maintain that pace, but production was still high enough to keep the company on track to turn a sustained profit for the first time.

Tesla CEO Elon Musk urged employees to "go all out" in the final day of the third quarter, as the electric-car maker pushed to meet ambitious production goals for the Model 3. In the last week of the quarter, we produced over 5,300 Model 3 vehicles, nearly all of which were dual motor, meaning that we achieved a production rate of more than 10,000 drive units per week. In Q3, we were able to significantly increase Model S and X deliveries notwithstanding the headwinds we have been facing from the ongoing trade tensions between the U.S. and China. The company's target of 100,000 Model S and X deliveries in 2018 remains unchanged. However, it missed its weekly Model 3 production target and said it was facing a 40pc import tariff in China.

The electric vehicle maker's shares sank last week after the US Securities and Exchange Commission accused Musk of securities fraud, opening up the prospect of a long fight that could have seen Tesla lose its leader, and undermined its ability to raise capital and increase production. When asked, the company has only implied the cars are awaiting shipment.

On Tuesday morning, Tesla released its production and delivery results for Q3 2018.

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"As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla's board will adopt important reforms - including an obligation to oversee Musk's communications with investors - and both will pay financial penalties".

READ THIS: When will Tesla Model 3 all-wheel-drive, lower-range models be available?

Some have speculated that Tesla's insistence on building its own enterprise resource planning system is at the root of this problem, which has led to much grousing from disgruntled customers on Twitter and at various Tesla forums.

In reaction, Guggenheim analyst Rob Cihra, Tesla's biggest bull, reiterates a Buy rating on TSLA, with a $430 price target, which represents a potential upside of 38% from where the stock is now trading. Since Tesla only reports sales numbers quarterly, these reports were unconfirmed.

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