Tesla Just Hit Its Long Awaited Model 3 Goal

Tesla didn’t make any announcements but it was over the weekend on Sunday that the company’s 5,000th car finished at around 5 a.m.

Elon Musk, CEO of the electric vehicle giant, has been promising for many many months that Tesla would hit its target.

Now Musk announced that Tesla aims to produce 6,000 Model 3s per week by August.

According to Loup Ventures’ Gene Munsters however, September is more likely.

“This 5,000 production number was the first time in about nine months he’s gotten one right. I think it’s safe to always dial back what he’s saying, that’s why we think [Tesla’s] going to meet the production number by the end of the September quarter,” said Munster onCNBC’s “Fast Money.”

“If they hit that number, it’s going to equate to 48,000 model 3s produced in the September quarter. That should get them to profitability, slightly profitable,” Munster added.

“It’s not going to be wildly profitable in September, I just want to warn everyone, but… it moves them in the right direction.”

“The bears have their case to say that even though that 5,000 number was pretty, they had to throw everything at it to get there — the reality is they haven’t ramped,” he also said.

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