Model 3 Pro­duc­tion Is on Track to Start in July: Tesla

The Economic Times - - Around The World -

San Fran­cisco: Elon Musk de­liv­ered a mixed bag for Tesla Inc share­hold­ers, re­as­sur­ing that his mass­mar­ket elec­tric sedan will ar­rive on time in July while dis­clos­ing the depar­ture of a se­nior ex­ec­u­tive and warn­ing the com­pany prob­a­bly will need an­other cash in­fu­sion. The Model 3 elec­tric sedan re­mains on sched­ule and will reach pro­duc­tion of about 5,000 units per week by the end of the year, Tesla said on Wed­nes­day. Re­as­sur­ances from Musk on the car’s tim­ing are re­liev­ing the fret over whether the com­pany can over­come its long his­tory of prod­uct de­lays. Man­age­ment ranks, on the other hand, re­main un­sta­ble — Chief Fi­nan­cial Ja­son Wheeler, who joi ned t he com­pany about 15 months ago, will leave in April.

Priced at close to $ 35,000 be­fore in­cen­tives, the Model 3 looms as the linch­pin in Tesla’s plans to man­u­fac­ture at high vol­umes and achieve the prof­itabil­ity that’s eluded the com­pany in all but two quar­ters since go­ing pub­lic. Af­ter a loss for the fi­nal three months of last year, Musk said Tesla will be cut­ting it close bring­ing the ve­hi­cle to mar­ket with­out seek­ing more funds for the com­pany cof­fers.

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