Elon Musk: 'We were huge idiots' about Tesla Model 3

Tesla's US Tax Credit Set To Come To An End | OilPrice.com

The milestone has been viewed as integral to CEO Elon Musk's Silicon Valley auto concern as it fights against new competition and makes a major stride into the mass market with its new sedan. On July 2, the company said it had made 5,031 Model 3s during the final week of June and 28,578 during the second quarter, more than it had made in the prior three quarters combined. "But it will not be the same level of strain as getting to volume production of Model 3".

Workers at Tesla's Fremont Factory were reportedly given free Red Bull to stay awake and instructed to walk through a raw sewage spill so that Model 3 production could continue, according to Bloomberg Businessweek. Anyone can now order a Model 3 without a reservation, provided that they pay a $2500 order fee.

Tesla CEO Elon Musk explained the company's production mistakes in an interview with Bloomberg.

The Model 3, billed as a more affordable vehicle with a starting price of $35,000, is now delivered only in more expensive versions. With this in mind, there is a pretty fair chance of the tracker's favorable forecast for Model 3 production would prove to be accurate.

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The change represents a net price increase for Tesla buyers.

Both GM and Tesla have been lobbying Congress since a year ago, hoping to win changes to tax law that would allow them to continue to collect the tax credit, but they have been unsuccessful to date.

With the release of configurator emails for reservation holders and the rollout of programs such as test drives in selected stores, as well as a new 5-minute "Sign & Drive" delivery system, Tesla appears to have stopped anti-selling the Model 3. After that, reaching the target this quarter became inevitable. The rear-wheel-drive Long Range model starts at $52,500, while the all-wheel-drive Dual Motor drivetrain adds $4000 to that. Among the Model 3's variants, the Performance trim, which comes with Dual Motor AWD as default, features a healthy profit margin, with the vehicle starting at $64,000.

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