• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 22 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 19 mins America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 3 days The coming Cyber Attack
  • 8 hours U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 19 hours Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
  • 2 days Goldman Betting on Cryptocurrencies
  • 17 mins NG spot prices hit triple digits for weekend delivery
  • 4 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days Forecasts for Natural Gas
Big Oil Set To Return To Profit In 2021

Big Oil Set To Return To Profit In 2021

Vitol, Shell and Exxon are…

Will Vision 2030 Impact Saudi Arabia’s OPEC Strategy?

Will Vision 2030 Impact Saudi Arabia’s OPEC Strategy?

With its oil revenues stretched…

Tesla Shocks Markets: Achieves Model 3 Production Target

Tesla has hit its target of producing 5,000 Model 3 sedans weekly, just as CEO Elon Musk promised investors at the release of the company’s Q1 financial results, Electrek reports, quoting an email Musk sent to all personnel praising them for the “incredible job.”

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.

In addition to the 5,000 Model 3s weekly, Tesla also produced some 2,000 Model S and Model X vehicles, bringing the total to 7,000 cars weekly. As Electrek’s Fred Lambert notes, this is the usual weekly production rate for Model S and Model X, but adding that the 5,000 Model 3s to that has been the challenge.

Not everyone is impressed, however. The Associated Press quotes market research firm AutoPacific’s manager of product analysis Dave Sullivan as saying “Reaching it is one thing. Consistently producing 5,000 per week with outstanding quality is another. I don’t think producing 5,000 once is anything to get excited about until it’s repeatable.”

The Model 3 endeavor is widely seen as the project that will make or break Tesla. The company has never posted a profit before and has been burning cash at worrying rates, with US$1 billion spent during the first quarter of this year alone. As investors started to get restless, Musk kept on making grand promises for future Tesla models and new Model 3 versions, which must have added to the annoyance.

Tesla’s Model 3 announcement was an eagerly awaited update, although AutoPacific’s Sullivan does have a point that repeatability is essential in order for the Model 3 to become the success Tesla needs it to be.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • cowboybob on July 02 2018 said:
    ElonCon continues....
  • H on July 02 2018 said:
    John, Tesla lost $887 million in FY 2016. I think the story is pretty accurate.
  • John on July 02 2018 said:
    google "has tesla ever made a profit"
    "Tesla just unveiled one of its most unusual feats yet: turning a profit. Tesla (TSLA) posted a profit of $22 million for the third quarter, which is just the second time it has ever been in the black. Its only other quarterly profit came more than three years ago.Oct 26, 2016"
    - cnn

    So, maybe a little fact checking before absolute statements.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News