Tesla misses on Model 3 car production target: Report

Despite Chairman and CEO Elon Musk claiming that Tesla will ramp up production of its Model 3 car to 6,000 units per week, the electric carmaker has reportedly missed the goal and made only 4,300 units in the last week of August.

"Tesla is on track for a production record this quarter but slightly behind its ambitious Model 3 goal," the ELetrek reported late on Sunday.

Model 3 comes with a base price tag of $35,000.

"Based on the same reliable source familiar with Tesla`s production, the automaker built about 6,400 vehicles during the last week (last seven days) of August (from 24th to 31st midday) including about 4,300 Model 3 vehicles," the report claimed.

Earlier in August, buoyed by the increased production of Model 3 cars, Tesla reported a revenue of $4 billion in the second quarter of 2018, with $2.2 billion in cash in hand.

"We are proud of our team for producing roughly 7,000 Model 3, Model S and Model X vehicles during the last week of June.

"A total vehicle output of 7,000 vehicles per week, or 350,000 per year, should enable Tesla to become sustainably profitable for the first time in our history, and we expect to grow our production rate further in Q3," Elon Musk, CEO Tesla, said in a statement.

In July 2018, Model 3 not only had the top market share position in its segment in the US, but it also outsold all other mid-sized premium sedans combined -- accounting for 52 per cent of the segment overall.

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"Having achieved our 5,000 per week milestone, we will now continue to increase that further, with our aim to produce 6,000 Model 3 vehicles per week by late August.

"We aim to increase production to 10,000 Model 3s per week as fast as we can. We believe that the majority of Tesla`s production lines will be ready to produce at this rate by the end of 2018," Musk said.