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6/6, 3:42 AM (Source: TeleTrader.com)
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Musk: Tesla to produce 5,000 Model 3 per week

Tesla CEO Elon Musk said at the company's annual shareholder meeting that it was "quite likely" the automaker would produce 5,000 Model 3 vehicles in a single week before the end of June. The number is below the 6,000 cars he announced earlier and 10,000 a week he once predicted, but still more than double compared to the level of production from three months before.

Musk said that Tesla is producing 500 Model 3 vehicles a day which puts the company on track to hit the 5,000-per-week goal. He added that full production of the entry-level $35,000 Model 3 would begin in the first quarter of 2019.

Musk, who survived the confidence vote of his shareholders, also said Tesla will reach positive net income in the third and fourth quarters of this year.

Breaking the News / KP