Output of Tesla Model S breaches 400 weekly target

Article by Anita Panait, on July 15, 2013

Tesla Motors Inc. is producing more than 400 Model S electric sedans weekly as it tries to meet growing demand for the vehicle, chief executive Elon Musk told Bloomberg in an interview. Tesla initially targeted to build 400 cars a week. Musk remarked that Tesla's weekly production rate will reach around 800 vehicles in late 2014.

"I'm very confident we'll get there," Musk told Bloomberg. Tesla had troubles reaching its production target in 2012, causing it to widely miss its 5,000-car delivery goal for the year.

This carmaker had to hire temporary workers and resolve supplier issues, leading it to post a wider loss in the fourth quarter of 2012. Musk expects Tesla to sell around 21,000 Model S in 2013, as the carmaker has recently commenced making deliveries to Europe and Asia.

Tesla's stock have tripled so far this year, after high demand for its Model S sedan helped the carmaker log a profit in the first quarter of 2013. Tesla has yet to publish its results for the second quarter of 2013.

According to the average of 12 analysts' estimates compiled by Bloomberg, Tesla may post a loss of 17 cents a share, excluding some items, in the second quarter of 2013. Musk said that Tesla's site in California boasts of a 3,000 strong workforce, of which 2,000 are assembly workers moving on two daily production shifts.

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