Shares of Tesla Inc. rose Monday, after the electric car maker confirmed that it hit its target of producing 5,000 Model 3 vehicles a week, and said it was shooting for 6,000 a week by the end of August.
The electric car maker, which has missed targets in the past because of production bottlenecks, said it expected to ramp production of its mass-market sedans to 6,000 a week by late next month.
The company also affirmed its outlook to report a net profit, and have positive cash flow, in the third and fourth quarters. The company has reported net annual losses every year since it went public in June 2010.
The stock TSLA, -0.97% rallied 1.3% in morning trade, but pared earlier gains of as much as 6.4%. It has rocketed 38% over the past three months, but was still down 4% the past 12 months. In comparison, shares of rival General Motors Co. GM, -0.15% have climbed nearly 13% over the past year, while Ford Motor Co.’s stock F, -0.72% has slipped 1.5% and the S&P 500 index SPX, -0.02% has gained 12%.
Chief Executive Elon Musk had hinted that targets would be met, by saying recently that Tesla naysayers will be proved wrong, and said in a tweet over the weekend that 7,000 cars were produced last week.
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7000 cars, 7 days
♥️ Tesla Team ♥️
