Tesla missed its quarterly target for producing its hot Model 3 cars, but investors still breathed a sigh of relief Tuesday that the numbers weren't more disappointing. During the last week of the quarter, the electric-car maker produced 2,020 Model 3s, coming up short of its goal to produce 2,500 Model 3 sedans a week.
But that number is better than some signs had warned. For example, Bloomberg's Model 3 production tracker had previously estimated the weekly number to be far lower, at just below 1,200. A CNBC report about Tesla facing potential delays from faulty parts coming off the line also sent jitters through the market. Tesla denied the issue.
In its long-awaited report, Tesla also said it will not need an equity or debt raise this year, apart from standard credit lines, contrary to what many investors have been expecting.
After rising 7 percent before the bell Tuesday, shares eased up and were up 3 percent at around $260 in midmorning trading.