The e-mail's optimistic tone helped Tesla shares turn positive for the first time in seven days.
shares rose 1.4% Thursday after CEO Elon Musk sent an e-mail to all employees saying the electric vehicle maker is close to reaching its target production numbers for the Model 3 this quarter.. The company added nearly $500 million to its market cap, reaching around $34.6 billion, in early trading on Thursday.As of yesterday we had over 50,000 net new orders for this quarter.
In order to achieve this, we need sustained output of 1,000 Model 3's per day. Almost all parts of the Model 3 production system have exceeded 1,000 units on multiple days and we've averaged about 900/day this week, so we're only about 10% away from 7,000/week.Analysts had been losing confidence in Tesla's stock during the past week as the company entered cost-cutting mode.
Loup Ventures co-founder Gene Munster gave the stock its latest downward revision Thursday. Munster expected the company would miss its delivery expectations this year especially as trade tensions drag on between the U.S. and China. He lowered 2019 delivery estimates about 10% to just 310,000 vehicles compared to guidance between 360,000 and 400,000.
While Musk's email to Tesla employees shed a light on production progress, logistics remains another challenge for the company in meeting its second-quarter delivery goals.
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