Tesla shares sink on new doubts despite firm hitting production target

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Certain is too that shortly before publishing the production numbers for Q2, Tesla had opened the configurator to Canadian buyers and also added new options reportedly. For the first time, Model 3 production (28,578) exceeded combined Model S and X production (24,761), and we produced nearly three times the amount of Model 3s than we did in Q1.

In light of 420,000 outstanding reservations specified in Tesla's latest production results it could indeed have an effect when reservation holders transform the deposit into an order - and pay another 2,500 dollars.

In recent weeks, Ford and Tesla have been going back-and-forth on Twitter taking shots at each other.

"While its been a bumpy few months for investors with much frustration around the Tesla story, we are starting to see some clear rays of sunshine as the trifecta of Model 3 production ramps, ASP increases on Model 3, and the chances of a capital raise event moving into the background has given investors a clearer green light to own shares at current levels as some of the dark clouds are starting to dissipate, although today's news add more agita to the situation", the analyst added.

The Tesla Model 3 that will be on display will be a left-hand drive model as the right-hand drive model will only be produced next year.

Shares of Tesla Inc. fell around 2 percent to $336.21 in late-day trading Monday.

The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company's speedy growth, Musk said in an email to employees. There are over 5,000 Model 3 leaving the lines per week now.

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Tesla's production problems with the Model 3 have been well documented, calling into question the company's capability of producing the number of cars for which it has taken deposits. Tesla built 49,489 of those cars in the first half of this year. After mandatory weekend shifts were assigned, two workers said, Tesla, rescinded a policy promising workers at least one week's notice before weekend work. The information comes from workers who didn't want to be identified.

Some employees are anxious the frenetic pace plus long hours could burn out workers.

In the morning of Sunday, July 1, about five hours after the self-imposed second-quarter deadline had passed, the number 5,000 flashed on a countdown screen viewed by Tesla's Model 3 assembly-line workers.

The Model 3 itself bore a "5,000" sign in its front window. Our Model 3 weekly production rate also more than doubled during the quarter, and we did so without compromising quality.

Tesla plans to build 6,000 Model 3s per week by August.

'He (Musk) is gonna go through an bad lot of people because people are gonna start getting hurt left and right, ' by the fast-moving assembly line, the worker said.

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