Tesla holds fast on Model III manufacturing objective
Tesla Inc reported on Wednesday it was sticking with Chief Executive Elon Musk’s adjusted production targets for its Model 3 electric sedan and posted lesser than expected quarterly loss.
Model 3 is seen as essential to Tesla’s mission of transforming itself into a rewarding company.
Even so, Tesla has fought to ramp up production of the car as a consequence of manufacturing issues, pushing the company to miss its delivery goals in history.
“We continue to target weekly Model 3 production rates of 2,500 by the end of (first quarter) and 5,000 by the end of (second quarter),” Tesla said in a statement.
The company said it had $3.37 billion in cash and cash-equivalents as of Dec. 31, compared with $3.53 billion at the end of the third quarter.
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