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IEA: An Oil Glut Is Inevitable In 2020

IEA: An Oil Glut Is Inevitable In 2020

Despite OPEC’s best efforts to…

Tesla Is Not Meeting Musk’s Q2 Record Production Goal

Tesla assembly line

Tesla hasn’t met Elon Musk’s goal of consistently manufacturing 1,000 Model 3s a day this quarter so that it can beat its sales and delivery record as Musk urged employees to do in May, Business Insider reports, citing leaked documents it has viewed.  

At the end of May, a leaked email reportedly sent by Elon Musk to Tesla employees suggested that the electric vehicle maker had a good chance of making Q2 the highest deliveries and sales quarter in its history.

An email believed to be sent to all Tesla employees by Musk on May 22 appeared on message boards, after a growing number of investment banks and analysts outlined ‘bear-case’ scenarios for the EV maker.  

The May 22 ‘leaked’ email read:

“As of yesterday we had over 50,000 net new orders for this quarter. Based on current trends, we have a good chance of exceeding the record 90,700 deliveries of Q4 last year and making this the highest deliveries/sales quarter in Tesla history!”

However, the email believed to be sent by Musk also said that Tesla needs sustained production of 1,000 Model 3s every day in order to beat the previous record, while its production rate has averaged 900 Model 3s in the third week of May, “so we’re only about 10% away from 7,000/week.”

According to leaked documents with Tesla’s daily production for one segment of Model 3 at the Fremont factory, the carmaker’s production hit 1,000 units per day on just one day since Musk said in the email in May that this should be the target to beat the sales record, according to Business Insider. After May 22, Tesla’s average production for the Model 3 segment has been some 700 units per day.  

Related: Oil Markets Ignore A World On The Brink Of War

At Tesla’s annual shareholders’ meeting last week, Musk said:

“We have a decent shot at a record quarter on every level. If not, it will be very close.”

As far as deliveries are concerned, despite many missed deadlines and sales figures for previous quarters, Tesla could be well on its way to having a record sales quarter in Q2, and is currently delivering a thousand cars per day on average this month, Electrek reported on Friday.

The push comes as the U.S. incentives for buying electric vehicles are set to drop again at the end of June. In order to break its record, Tesla would need to ship 33,000 Teslas during the month of June in its North American market.

By Tsvetana Paraskova for Oilprice.com

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  • Elon Musk on June 20 2019 said:
    Its oilprice.com, how can you write great about electric vehicles?!

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