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Tsvetana Paraskova

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Tesla’s Model 3 Backlog At 420,000 Orders

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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

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