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Also weighing on the stock Thursday was a report from Bloomberg which quoted employees saying they were forced to walk through raw sewage on the factory floor as Tesla ramped up Model 3 production.
At a total of 53,339 vehicles, Tesla's vehicle production is up 100% year-over-year, and for the first time more than half of those vehicles are Model 3s.
Earlier this week, Tesla reached its goal of producing 5,000 Model 3 sedans in a week, a rate it has struggled to reach over the course of several months. Still, shares fell after reaching the milestone as Tesla's total vehicle deliveries came in under what Wall Street had expected.
Internal documents show that Tesla CEO Elon Musk ordered his staff to remove the brake-and-roll test from mandatory tasks on the Model 3 production line. This is a standard test that checks wheel alignment and brake function.
George Galliers, an analyst at Evercore ISI, said in a note to clients that Tesla’s extra assembly line — constructed in a tent next to its main Fremont, California factory and known by the company as GA4 — could be a long term risk to Tesla's reputation.
Elon Musk is reportedly sleeping under his desk and camping out at the office for days at a time as Tesla faces pressure to make 5,000 Model 3s per we...
Elon Musk is sleeping under his desk and camping out at Tesla's Fremont factory for days at a time as Tesla rushes to make 5,000 Model 3s per week. Tesla is facing pressure to reach a production goal of 5,000 Model 3s a week.
Elon Musk refuted claims by a Goldman Sachs analyst that Tesla would not hit Model 3 production estimates. The numbers tell another story though. Tesla has repeatedly missed production targets for the Model 3.
"They are in for a rude awakening :)," he said, per Bloomberg. Tesla has been running like crazy to meet Musk’s stated goal of producing 5,000 Model 3 sedans per week. It even built a massive tent outside its Fremont, California factory to add an extra assembly line to its arsenal.
“Oh and uh short burn of the century comin soon,” Musk tweeted on May 4 following a conference call that one analyst said was the most bizarre thing he had witnessed in decades. “Flamethrowers should arrive just in time.”
Tesla CEO Elon Musk insisted that the company wasn't in need of additional cash, but the layoffs show that the company is at least becoming more frugal with its spending.