03 Apr 2018 – 15:46
DETROIT: Electric car maker Tesla Inc. increased production of its Model 3 mass-market car in the first quarter but still fell far short of the numbers it promised last summer.
The Palo Alto, California, company says it made just under 9,800 Model 3s from January through March. That’s four times what it made in the fourth quarter. But it’s still only a fraction of the 20,000 per month that CEO Elon Musk promised when the car first went into production.
Tesla’s shares rose nearly 5 percent to $264.82 in early trading Tuesday.
Tesla says it made just under 35,000 vehicles in the quarter including the Models S and X. That’s a 40 percent increase from last year’s fourth quarter.
The company says it addressed Model 3 production and parts supply bottlenecks.