Proactive Investors - Run By Investors For Investors

Tesla Inc manufactures a record 80,000 vehicles in 3Q, says Elektrek report

Elektrek says Tesla exceeded its target of building at least 50,000 Model 3 cars in the third quarter
Tesla car in production
Details of Tesla's car production follow a settlement over fraud charges against the CEO

Tesla CEO Elon Musk is having a dreadful week, but the company (NASDAQ:TSLA) has some encouraging news. The electric-car maker manufactured a record 80,000 vehicles in the third quarter, per a report in Elektrek, which cited a source familiar with the matter.

Indeed, Tesla exceeded its target of building at least 50,000 Model 3 cars in the third quarter and built  80,000 vehicles, marking a level of production that is unparalleled for the car maker.

Efforts were made in the last hours to churn out more vehicles even after Tesla met its Model 3 production goal with over two days to go, according to the Elektrek report.

Of those 80,000 vehicles, Tesla manufactured about 53,000 Model 3 cars in the quarter, which represents a 187% jump in output from the previous quarter, per Elektrek.

Read: Elon Musk and Tesla settle fraud charges with SEC, to pay $40M fine

“Overall, Tesla produced almost as many cars this quarter as the last two quarters combined,” states the Elektrek report.

The company is set to report its third-quarter production figures to the public this week.

Over the weekend, Elon Musk reached a settlement over fraud charges with the Securities and Exchange Commission that requires him to relinquish his position as Tesla’s chairman and pay a $20 million fine. The company will also pay $20 million to US regulators.

Read: Elon Musk's swift settlement with SEC a positive for Tesla but legal risks linger, analysts say

The deal with regulators came after the SEC sued Musk and Tesla over a tweet that claimed Musk had the funding to take the electric-car maker private.  

In August, Musk tweeted that he was considering taking the company private at $420 per share and that he had “funding secured”. The tweet sent Tesla shares on a wild ride and Musk still faces a probe by federal prosecutors over the tweet.

Tesla shares jumped 14.5% to $303.22 in response to Musk’s settlement with the SEC.

View full TSLA profile View Profile

Tesla Inc Timeline

Related Articles

tubes
November 14 2018
The company is a leading global producer of Halloysite clay and owns the only deposit in the western hemisphere big enough for large-scale commercial production
1544205739_Playground.jpg
December 07 2018
The group is also now launching new product lines, including trampoline parks, which complement its soft play parks
Ski wear
April 09 2019
Graphene has been dubbed a “miracle” material, being around 200-times stronger than steel, transparent and able efficiently to conduct heat and electricity
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use