Equities

Reuters exclusively reports Tesla hits Model 3 production target

Reuters exclusively reports Tesla hits Model 3 production target

Reuters exclusively reported that Tesla Inc had crossed its long-elusive target of producing 5,000 Model 3 cars in a week after several delays. Following the news, the electric carmaker’s shares rose 6 percent to $364.78 in early trading, before reversing course to trade slightly lower. Tesla said it expects to increase production to 6,000 per week by late August, indicating that it is overcoming the production issues that plagued the company for several months. Earlier, Reuters exclusively reported on Tesla airlifting battery manufacturing equipment from Germany, quality issues in the California factory and a risky approach to designing and installing factory production tools