Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Tesla hits 3,000 cars a week in Berlin, Austin later than planned

Published 12/19/2022, 11:24 AM
Updated 12/19/2022, 11:27 AM
© Reuters. FILE PHOTO: A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret Hilse/File Photo/File Photo
TSLA
-

BERLIN (Reuters) - Tesla (NASDAQ:TSLA)'s German plant produced 3,000 cars last week for the first time, the carmaker tweeted late on Sunday - but the milestone was reached over two months later than planned in both Berlin and Austin, Texas, according to a memo seen by Reuters.

The memo, which Reuters reported on in September, projected 3,000 units in weekly output from the Gruenheide plant near Berlin in the first week of October and from Tesla's plant in Austin, Texas, in the first week of November.

Yet it took until last week for Tesla to post celebratory pictures on Twitter stating it had reached that target in both locations - last Thursday for Austin, and Sunday for Berlin.

Tesla did not respond to requests for comment on the memo or the delay in hitting the 3,000-car output target in Berlin and Austin.

Musk and Tesla often set ambitious targets, and the company is often late meeting them. In April, for instance, Musk had said Tesla could hit 60% growth in deliveries. By July, the company had walked that target back to 50% for this year.

The production plans seen by Reuters in September forecast that Tesla produces almost 495,000 Model Y and Models 3s - which together account for about 95% of Tesla's output - in the fourth quarter, blowing past projected growth in the global autos market.

Yet alongside the delays in Austin and Berlin, the carmaker has grappled since then with issues including elevated inventory in Shanghai, its most important production hub, where it plans to cut December output of the Model Y by over 20% from the previous month.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Joerg Steinbach, the regional economy minister of Brandenburg, has said Tesla would be moving to three shifts at the plant by the end of the year to bump up output.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.