Next year, the target is to produce 500,000 new vehicles; and with the with Model Y being added at high production volumes, the target is to double it to 1 million vehicles built by 2020. That's $2.4 billion larger than second-place AT&T's short interest.
Musk anxious investors last week when he warned that Tesla was about to embark on "at least six months of manufacturing hell" as it tried to get Model 3 production to 5,000 cars per week by December. Tesla is shipping production models to employees and investors first, saying it will use early adopters to discover quality issues. The automaker has reservations for about 455,000 Model 3s, with new orders coming in at the rate of about 1,800 per day since its gala unveiling last Friday, when Tesla provided early first drives of the vehicle.
The carmaker already had announced that it delivered slightly more than 22,000 vehicles in the quarter.
Bartosiak: Trading Tesla's (TSLA) Earnings with Options
Musk said that in Tesla's 14-year history he's never felt better about the company.
With Tesla up 6 percent at the open of trading Thursday, investors who sold the stock short are down a collective $607 million in a single day, estimates S3.More news: Uncertified eclipse glasses pose a danger to your eyes
"What we have ahead of us is an incredibly hard production ramp", he told analysts.
Some 455,000 people have reserved Model 3 cars so far, though production of the basic model will only begin in January.
The prospective customer's placing the order for Model 3 today will not get the order before the end of next year (2018).More news: H&R Block, Inc. (HRB), Monster Beverage Corporation (MNST)
Tesla has confirmed details about its new Model 3 electric auto - the company's smallest and cheapest model to date.
Tesla is rocking since it's announcement for the Tesla Model 3 last Friday.
Tesla also claims that revenue increased significantly last quarter. Tesla shares have risen more than 50 percent since the beginning of 2017. However it predicted Infineon would end up being a second source of such chips as volumes increase next year. Musk said on the call.More news: The Walking Dead Creator Robert Kirkman Signs Deal With Amazon
"We can confirm that Kurt Kelty has left the company to explore new opportunities and we want to thank him for everything he's done for Tesla", the company said in an emailed statement on Tuesday, noting that his responsibilities will be "distributed among Tesla's existing teams".
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