Elon Musk says it's 'quite likely' Tesla will make 5,000 Model 3 cars per week by month's end

  • Tesla CEO Elon Musk said Tuesday it is "quite likely" Tesla will hit a weekly Model 3 production rate of 5,000 cars.
  • Musk also said the electric car maker will soon produce more batteries at its Nevada Gigafactory than all other electric vehicle companies combined, including those in China.
Workers add seat belts to a Tesla car at the assembly plant in Fremont, California.
Noah Berger/Bloomberg | Getty Images
Workers add seat belts to a Tesla car at the assembly plant in Fremont, California.

Tesla CEO Elon Musk said Tuesday it is "quite likely" Tesla will hit a weekly Model 3 production rate of 5,000 cars.

He also said the electric car maker will soon produce more batteries at its Nevada Gigafactory than all other electric vehicle companies combined, including those in China.

Musk made the comments after Tesla shareholders voted Tuesday to strike down proposals to split up the CEO and chairman roles and shake up the company's board.

Tesla has been struggling with Model 3 production issues and and faced concerns about its finances. The company has been only offering more expensive versions of the Model 3, which is supposed to start at $35,000, but Musk still promised Tesla will make the base model, and expects it to be available by the first quarter of 2019.

Model 3 test drives should also be available in "almost all stores in North America by the end of next month."

He also said Tesla will likely make a compact car in the next 5 years.

Musk said Tesla is expected to be GAAP profitable in the third quarter and cash-flow positive in the third and fourth quarters. Many on Wall Street have suspected the company will need to raise more capital by early next year.

CORRECTION: This story was revised to correct Musk's characterization of the likelihood of meeting production goals. He said it was "quite likely."

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