Tesla has met its Model 3 production goals

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Elon Musk's Tesla Inc. stormed past the executive's ambitious goal of producing 5,000 electric cars in a week - as the company's Fremont, Calif., plant surpassed that total plus added roughly 2,000 Model Xs last week, he said.

CEO Elon Musk celebrated the milestone in an email to employees, praising the "mind-blowing" dedication and creativity required to resolve problems.

If we are to solve the great challenges of the twenty-first century - whether overpopulation, democratic disruption, new antibiotic-resistant diseases, or shortages of resources - it will be thanks to innovators like Musk, who think not just outside the box, but in an entirely different box-free universe.

Reaching the 5,000-unit target represents a doubling of weekly production since Tesla's first quarter production rate for the Model 3. According to the China Automobile Dealers Association, Tesla exported about 17,000 cars to China a year ago, making it the company's second-biggest market. Tesla's (TSLA)stock rose 5% early Monday. This was confirmed by Tesla in a regulatory filing on Monday which claimed that the company produced 5,031 Model 3 cars in the final week of the quarter. Of those, 18,440 were Model 3, 10,930 were Model S, and 11,370 were Model X.

FILE PHOTO: A row of new Tesla Model 3 electric vehicles is seen at a parking lot in Richmond, California, U.S. June 22, 2018. The company also says that it is looking to make a net profit in the second half of the year despite the volatile global economy. The company said the new general assembly line was responsible for about 20 per cent of Model 3s produced last week.

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In the past, Tesla has said that it's been able to boost production by idling its factories for short periods of time to address bottlenecks and upgrade equipment.

The Model 3 can run for 220 miles before it needs to be recharged.

"In the interim, we do not see this production rate as operationally or financially sustainable", said CFRA analyst Efraim Levy.

Tesla's production and delivery press release for Q2 2018 can be accessed here. Amid a cash crunch, Tesla has focused on Model 3 options with sticker prices in the $65,000+ range, as opposed to the more affordable $35,000 base model, which it has yet to begin building.

The Tesla (which we codenamed "Model U" in our renderings) will also have a load-adjusting suspension, according to Musk. Tesla also expects to produce 6,000 Model 3 sedans a week "next month". Tesla produced 53,339 cars in the second quarter, which made it the most productive in the company's history, it noted. That was "even though we have now delivered 28,386 Model 3 vehicles to date", the company said.

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