Tesla holds fast on Model III development goal
Tesla Inc mentioned on Wednesday it was sticking with Chief Executive Elon Musk’s revised production targets for its Model 3 electric sedan and posted reduced than anticipated quarterly loss.
Model 3 is viewed as important to Tesla’s aspirations of modifying itself into a successful company.
Having said that, Tesla has fought to increase production of the car on account of manufacturing problems, forcing the company to miss its delivery goals in previous times.
“We continue to target weekly Model 3 production rates of 2,500 by the end of (first quarter) and 5,000 by the end of (second quarter),” Tesla said in a statement.
The company said it had $3.37 billion in cash and cash-equivalents as of Dec. 31, as opposed with $3.53 billion at the end of the third quarter.