• 2 hours Facebook Scrubs Over 2 Billion Fake Accounts
  • 8 hours Dow Scrambles To Avoid Fifth Straight Weekly Loss
  • 1 day Is This The World’s First Truly Democratic Stock Exchange?
  • 1 day India’s Wealthiest Set To Hold $23 Trillion By 2028
  • 1 day First Quarter Profits Slip For World's Top Oil Companies
  • 1 day The Yuan May Be China's Biggest Weakness
  • 2 days Hedge Funds Having A Banner Year
  • 2 days Disney Heiress Asks “Is There Such A Thing As Too Much?”
  • 2 days BHP Turns Bullish On EVs
  • 2 days Investors Turn Bullish On America’s Nuclear Decommissioning Business
  • 3 days The $90M Inflatable Rabbit Redefining Modern Art
  • 3 days Huawei’s Fate In The Air
  • 3 days Tesla Slashes Prices Again
  • 3 days The Modern History Of Financial Entropy
  • 4 days Italy’s Central Bank Embraces Sustainable Investing
  • 4 days Trump Lifts Metals Tariffs To Cool Simmering Trade War
  • 4 days Researchers Push To Limit Space Mining
  • 4 days Could China Start Dumping U.S. Treasury Bonds?
  • 5 days Is Winter Coming For HBO?
  • 5 days Rise Of EVs Signals Peak Gasoline
Italy’s Central Bank Embraces Sustainable Investing

Italy’s Central Bank Embraces Sustainable Investing

Italy’s central bank plans to…

The $90M Inflatable Rabbit Redefining Modern Art

The $90M Inflatable Rabbit Redefining Modern Art

A recent auction at Christie's…

Is Winter Coming For HBO?

Is Winter Coming For HBO?

As the epic fantasy series…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ, Oilprice.com…

Contact Author

  1. Home
  2. News
  3. Breaking News

Tesla’s Model 3 Backlog At 420,000 Orders

Musk

Tesla may have defied naysayers and reached its 5,000-per-week Model 3 production rate by the end of June, but it still faces 19 months of reservations backlog for Model 3s, Electrek has estimated.

Earlier this week, Electrek reported that Tesla had hit its target of producing 5,000 Model 3 sedans weekly, just as CEO Elon Musk had promised investors.

The production ramp-up for the Model 3, on which Tesla has pinned its hopes of becoming a mainstream carmaker, has proved challenging, with the company failing to reach its original deadline at the end of 2017. The last one was June 30, and according to Musk, it has been kept.

Tesla’s official statement on Monday said that in the last seven days of the second quarter, Tesla produced 5,031 Model 3s and 1,913 Model S and X vehicles.

The EV maker’s production totaled 53,339 vehicles in Q2, up by 55 percent compared to Q1, making it the most productive quarter in Tesla history by far, the company said, adding that for the first time, Model 3 production—at 28,578 vehicles—exceeded combined Model S and X production of 24,761 cars, with Model 3 production nearly three times higher than the Q1 production.

Tesla expects to increase its Model 3 production rate to 6,000 Model 3s per week by late August. Related: The Crypto Payment Conundrum

The remaining net Model 3 reservations count at the end of the second quarter still stood at around 420,000 vehicles.

“When we start to provide customers an opportunity to see and test drive the car at their local store, we expect that our orders will grow faster than our production rate,” Tesla said, adding that it stands by its previous guidance to be cash flow positive and profitable in Q3 and Q4.  

“We also reaffirm our guidance for positive GAAP net income and cash flow in Q3 and Q4, despite negative pressures from a weaker USD and likely higher tariffs for vehicles imported into China as well as components procured from China,” the EV maker said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment