Tesla Says it is On Track to Meet Model 3 Production Goals

Tesla announced this week that the company is on track to produce 5,000 Model 3 cars every week by the end of the second quarter.

According to the electric vehicle giant, by the end of the first quarter, Model 3 production will be at a staggering 2,500 cars a week.

The original goal was to meet this target by the end of last year. According to CNBC reports, the company’s current as well as former employees have said that Tesla may have further trouble ramping up production because of problems at its Gigafactory in Nevada.

It was on Wednesday that the company posted its fourth quarter results and beat what analysts had been expecting.

The company posted an adjusted loss per share of $3.04. Analysts had been waiting for a loss of $3.12.

Revenue at $3.29 billion was also ahead of the $3.28 billion that Wall Street was waiting for.

Tesla’s CEO Elon Musk, speaking on the company’s earnings call remarked that this year he is “cautiously optimistic that we will be GAAP profitable, with no asterisk.”

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and have not been compensated for this article.