Tesla Built 34,494 Cars in the 1st Quarter — 40% Increase from 4th Quarter & Auto Industry Record

Tesla built more cars in the first quarter of 2018 than in any other quarter in its history.  Total production was 34,494 — a 40% increase from the fourth quarter of last year.  Here’s the breakdown:  24,728 Model S sedans, 10,070 Model X SUVs, and 9,766 Model 3 sedans.  “This is the fastest growth of any automotive company in the modern era.  If this rate of growth continues, it will exceed even that of Ford and the Model T,” according to a company press release.

The press statement continues:

“We were able to double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment.

“In the past seven days, Tesla produced 2,020 Model 3 vehicles.  In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles.  It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined.  What took our team five years for S/X, took only nine months for Model 3.

“Given the progress made thus far and upcoming actions for further capacity improvement, we expect that the Model 3 production rate will climb rapidly through Q2.  Tesla continues to target a production rate of approximately 5,000 units per week in about three months, laying the groundwork for Q3 to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow.  As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines.”

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